SMEs as drivers of economic growth: The case of Malta (2019)
Aaron George Grech
Abstract
Despite being the smallest economy in the euro area, Malta’s GDP has expanded very rapidly, reflecting substantial structural changes such as a shift towards more export-oriented services. However this transformation left untouched the Maltese economy’s traditional reliance on SMEs. In fact SMEs in the business economy sector generated nearly two thirds of all growth in value added and half of the rise in employment. This has helped maintain economic diversification and resilience to external shocks. For this trend to continue, it is important that SMEs have good access to finance and skilled labour, and be sustained by an adequate infrastructure.
Journal of Small Business and Entrepreneurship Development (2019), Volume 7, Issue 1, pp. 18-27, DOI: 10.15640/jsbed.v7n1a2