Minister for Finance Prof. Edward Scicluna discusses the importance of economic forecasts, and explains that these take place on the basis of sophisticated mathematical, economic, and statistical models.

He notes that such economic forecasts are routinely carried out and issued by various institutions, such as the European Commission, and the International Monetary Fund. Locally, such forecasts are prepared and issued by the Central Bank of Malta, as well as the Ministry for Finance itself.

The Minister goes on to add that together with these institutions, credit rating agencies also carry out economic forecasts, which are published together with their credit rating reports. The top three agencies which publish ratings for Malta – Standard And Poor’s, Moody’s and Fitch IBCA – will soon be joined by a fourth agency, which is expected to publish its first-ever rating for Malta in the coming days.

Minister Scicluna also underlines the importance of the availability of diverse and independent economic forecasts.

This, he explains, is essential to economic analysts and policy-makers as it provides as various perspectives and appraisals upon which to base decisions. Minister Scicluna notes with pleasure that a few days earlier, he attended a press conference during which EY published an economic forecast for euro zone countries, including Malta.

The Minister further noted that, it is especially reassuring that various independent appraisals are all concluding that Malta is a sound economic footing, and is expected to keep performing at an accelerated pace for the coming years.

26th March 2015