Credit rating agency Fitch has revised Malta’s outlook to stable, from positive, and affirmed its A+ credit rating.
Fitch believes Malta’s real GDP will contract by 5.9% in 2020, a more austere outlook than a recent IMF prediction, reflecting the health crisis shock to the global economy and tourism, coupled with the government’s containment measures, and a stop on consumer spending.
Government spending will provide “some limited cushion, on the back of increased spending in the healthcare sector” with growth is projected to rebound to 3.6% in 2021, but below 2019’s 4.4%.
Source: MaltaToday
Updated: 15:00
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