Red tape blocks business
Government red tape and lack of infrastructure are seen as the biggest problems faced by businesses in Malta, according to a major survey for the World Economic Forum.
Nearly 20 per cent of Maltese companies questioned for the WEF’s Global Competitiveness Report for 2011-2012 identified “inefficient government bureaucracy” as the most problematic factor for doing business.
For nearly 12 per cent, it was “inadequate supply of infrastructure”, closely followed by access to financing.
The report, which ranks the competitiveness of each country, placed Malta 51st out of 142 countries – the same position it held last year.
The annual report defines national competitiveness as the set of institutions, policies and factors that determine a country’s level of productivity. Inflation, tax rates and an inadequately educated workforce were also ranked as obstacles by a substantial number of Maltese businesses.
At the other end of the scale, crime and public health were not seen as problematic at all. As in previous years, this year’s top 10 was dominated by European countries, with Switzerland maintaining its dominant position and Sweden, Finland, Denmark, Germany and The Netherlands confirming their places among the most competitive economies.
Singapore continued its upward trend to become the second-most competitive economy in the world, while the United Kingdom returned to the top 10.