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GDP expected to grow at more moderate pace -CBM
Malta’s GDP is anticipated to experience a growth of3.8% in 2024, slightly decreasing to 3.6% in 2025 and further to 3.3% by 2026, as per the latestforecasts from the Central Bank. The projections for 2024 show an upward revision compared to thebank’s earlier estimates, while the outlook for 2025 remains unchanged. The Central Bank attributesthe growth primarily to domestic demand, with robust private consumption and a recovering privateinvestment sector. Inflation, based on the Harmonised Index of Consumer Prices, is expected todecrease from 5.6% in 2023 to 3% in 2024, eventually reaching 2% by 2026.
Slight drop in number of tertiary-level graduates in 2022 – NSO:
In 2022, the total number of tertiary-level graduates in Malta was 5,472, marking a 2.2% decrease from the previous year, according to theNational Statistics Office (NSO). Among these graduates, the majority (58.5%) achieved qualificationsat ISCED Level 6 (Bachelor’s or equivalent), followed by 33.1% who attained qualifications at ISCEDLevel 7 (Master’s or equivalent). Females constituted 55.6% of tertiary graduates, outnumbering malesin all education levels except for ISCED 8 (PhD equivalent). The age group of 20 to 29 years comprisedthe majority of tertiary-level graduates, accounting for 72.0% of the total.
Social partners agree on need for flexible retirement incentives:
Social partners, including the MaltaChamber and the General Workers’ Union (GWU), expressed support for flexible retirement anddiscussed incentives for individuals over 61 during a Malta Council for Economic and SocialDevelopment (MCESD) meeting. Research presented by the Malta Chamber and GWU indicatedprojections of an accelerated old-age dependency in Malta compared to other EU countries, promptinga call for further analysis of sectors engaging 65-74-year-olds actively. The meeting also addressedMalta’s low fertility rates, emphasising strategies such as fiscal incentives and recognising theresource potential of older workers. A joint proposal from GWU and the Malta Chamber suggestedaddressing employee shortages through part-time work options for individuals aged 61 and above.
Morning Briefing
HSBC to close Swatar call-centre
Staff at HSBC UK have been informed about the closure of its global call centre in Swatar, leading to an approximate loss of 200 jobs. The bank conveyed this decision on Thursday, stating that the closure is part of a broader restructuring initiative aimed at streamlining its operations. During a specially arranged meeting, approximately 200 employees of HSBC Global Services (UK) Limited Malta Branch, known locally as HSBC Swatar Contact Centre, were briefed about the company’s intended closure. It’s important to note that HSBC Global Services (UK) Limited Malta Branch operates separately from HSBC Bank Malta plc. Consequently, the bank’s operations in Malta remain unaffected by this decision. The Swatar Contact Centre specifically caters to HSBC UK Bank plc, offering customer service and conducting customer due diligence primarily for UK-based customers.
PA case officer to green light controversial Santa Luċija project
Despite facing opposition from nearly half of the town’s residents, a new apartment complex in Santa Luċija is on track for approval by the Planning Authority’s designated case officer. If given the green light, the project will encompass two levels of underground parking, featuring 35 apartments, four maisonettes, and six penthouses. This proposed development contrasts starkly with the surrounding landscape dominated by single low-lying dwellings. The appointed case officer overseeing the application has indicated that the existing trees onsite lack protective measures and has noted the inclusion of a public open space in the proposal. Both residents and the Santa Luċija local council have vehemently voiced their dissent against this development, amassing over 1,500 objections in total. (Times of Malta)
Price of milk rises again
The company behind the renowned Benna milk brand, Malta Dairy Products, has implemented a 15% price hike on its fresh milk cartons, now priced at €1.15. This increase is attributed to substantial rises in production and operational expenses. A spokesperson from the company highlighted, “Despite encountering escalating costs in supplies, raw materials, and services over the last five years, Malta Dairy Products has remained committed to upholding stable prices for its fresh milk products.” (Maltatoday)
Women’s lobby urges government to consider rape stance at EU level
The Malta Women’s Lobby urges the government to reconsider its stance on the EU Directive on Violence Against Women. Specifically, they oppose the government’s support to exclude rape from Article 5 of the directive, expressing concerns over women’s safety and access to justice. This decision, despite women’s well-documented vulnerability to gender-based violence, contradicts established European legal norms outlined in Articles 82 and 83 of the Treaty on the Functioning of the European Union. The lobby strongly advocates for retaining Article 5, which introduces a consent-based definition of rape across the EU. (Newsbook)
