Malta would face above average losses to its economy in the event of Britain leaving the European Union, according to a report by the largest private operating non-profit foundation in Germany.

The report by Bertelsmann Stiftung says Ireland, Luxembourg and Malta would be the worst hit countries in such a scenario with a decrease in real GDP per capita by 2030 of 0.82 per cent, 0.48 per cent and 0.45 per cent respectively.

Making a calculation on today’s GDP figures for Malta, a UK exit would cost the Maltese economy €38.7 million.

Thieß Petersen, a senior expert at the foundation, told The Sunday Times of Malta: “In Malta, the potential losses in real GDP per capita are much higher than in the remaining EU-27 (EU without UK). The main reason is the strong economic links between Malta and the UK in the financial sector”.

British Prime Minister David Cameron has pledged to renegotiate some aspects of the UK’s EU membership if re-elected in Thursday’s general election, and then hold a referendum on whether Britain should remain in the bloc.

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