Speaking during a conference, Finance Minister Clyde Caruana warned that the population of the Mediterranean island will grow to 800,000 by 2040 if the economy is to keep growing at its current rate.
Caruana was speaking during the Malta Institute of Accountants’ biennial conference, titled ‘Rethink and Reform’, urging an overhaul of the economic model if Malta wishes to remain competitive.
The population increase prediction by the Minister would see a 55% boom given that the current population stands at around 520,000.
He went on to ask conference delegates to consider what the ramifications of such an increase could be on the local infrastructure, environmental impact and resource use.
The warnings prompted a response by Opposition Leader Bernard Grech, who said that the Maltese population could become a minority due to the country’s current economic model.
He made reference to the island have the lowest birth rate in the EU, which would mean that the population would grow by bringing in more foreign workers.
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