Albeit the limited resources, the island has a thriving economy driven by tourism, iGaming, financial services, real estate, manufacturing industries and has a fast-growing population. Over the last decade, the economy's main focus has been less on manufacturing activities and more on services.
The latest sectors that are contributing to overall growth have been Information Technology, financial services and other professional knowledge-based sectors. One of the more hyped up industries, the online gambling industry or simply iGaming has been a driving force for recent economic and population change. The iGaming industry contributed to 13 percent of the total economic GVA, an increase of 10 percent compared to that of early The industry as of the 1 st quarter of made up 12 percent of the economy, and employed over 9, individuals, whilst generating over million euro, and being one of the driving reasons for the increase in foreign population.
The ICT sector is still at a developing stage being relatively young compared to the more robust sectors. The sector has progressed to represent 6. It is to be noted that the change of the ICT sector includes having the highest average salary as of late To supplement the change of this sector, the country also obtained one of the highest shares of ICT graduates in the EU, according to Eurostat. However, albeit the national talent generated, an increase in ICT workforce population is needed to sustain the economic growth rate.
There are over iGaming companies operating inside the islands, some of which include gambling powerhouses Betsson, Paddy Power, Betfair, Interwetten, Unibet, Tipico and Betclic, to name a few. The most successful one being Swedish company Betsson.
In total, some companies have licenses from the Malta Gaming Authority MTA for online services such as sportsbooks, casino games, etc. The iGaming ecosystem is unique and original by being internationally diverse, attracting people from all around the globe, paving way for a clustering of talent and energy in a compact area and allowing for the formation of unique personal and professional networks.
The success iGaming has been facing can be boiled down to the rising population. The industry itself attracts all sorts of professionals ranging from lawyers, accountants, data analysts, data scientists, software developers and project managers. It is a vision worked upon at this moment for Malta to become the Silicon Valley of the iGaming industry. The introduction of blockchain or better described as a form of Distributed Ledger Technology DLT may potentially be integrated with the Maltese iGaming industry for improved security and transparency.
Many Maltese academics are undertaking research towards possible coherent usage and integration of smart contracts, blockchain and Internet of Things IoT in industry. The Malta A. Distributed ledger technology is a technology that is used to distribute records and information among the individuals that use it. The main trait of blockchains such as Bitcoin and Ethereum is their decentralized governance over information stored on the network.
With decentralized technologies, criminals cannot obtain massive amounts of personal or sensitive information at once. Data can only be hacked from one node user at a time of which reward would be very small, while also having to deal with the highest level of cryptography. The possible and discussed integration of blockchain and IoT would allow for a simple infrastructure where devices can send data or money conjointly while allowing the decentralized autonomous function of devices in a very reliable manner, paving way for an improved change in environment for the Maltese and foreign population alike.
As decentralization entails elimination of intermediary intervention, some novel form of data processing needs to be intertwined with the overall system.
A concept was formulated by the cryptographer Nick Szabo in that would allow for regular legal contracts to be converted to executable computer code, stored on the network and would be supervised by the network of nodes that run the blockchain. The vision of Smart Contracts came to fruition when Ethereum was launched, eventually progressing to become the 2 nd largest blockchain in the world. As of now, no licensing has been granted by the MGA to incorporate blockchain with any iGaming activity.
The clear digital documentation would allow for a straightforward investigation in case some claims are made regarding a service. A proof of work would also be carried out throughout the network of nodes that make up the blockchain, any attempts to change already existing data without consent would be nullified. The integration of these technologies will mean a lot for recruitment. New opportunities within the Tech and Finance industries will emerge, job requirements will change and a lot of demand for professional practitioners will arise, especially for software developers.
Different domains will intersect, allowing individuals to expand their knowledge and professional network, creating a more diverse working population when viewed from a professional perspective. The population should keep increasing due to more foreigners coming to Malta for work opportunities and since Malta is a small country, it can only produce so much local talent.
By , the population of Malta is expected to hit , Population estimates based on interpolation of data from World Population Prospects. Estimate as of October 23, is: , Malta is a southern European country about 50 miles south of Sicily.
Malta has just square miles of land and its capital, Valletta, is the smallest capital in the European Union. A popular tourist destination, Malta has some of the oldest free-standing structures in the world.
Malta is one of the smallest countries in the world, and one of the most densely populated. The capital is Valletta, but the largest city is Birkirkara, with a population of 22, British are the largest majority, estimated at 1.
All censuses since have found a slightly higher number of females over males, with the highest ratio in at The Maltese language is the national language, and English imposed by British occupiers in the 19th century is also an official language.
There is one church for every 1, residents. Today we are not only attracting people to work in construction but also to work in IT, gaming, technology and so on.
The economy has now diversified. And while not a lot of land space is required for these industries — as opposed to previous industries such as the textile trade — the only way our population growth can be controlled now is if these foreign workers start returning home.
The Maltese census today is compiled differently to previous editions. Previously, the census used to show how many people moved from one locality to another. Nowadays, it only shows the three most popular localities. The last very comprehensive data we have is for the census of , which was very important. He added that Malta, demographically, is now more concentrated in the centre and north and that people are basically moving just slightly farther away from cities. All the rest, more than ,, congregate in the centre and north of Malta.
The rest is hilly. While he is hopeful that this would never become a reality, he says that this movement towards the suburbs has been happening for years. Paola was designed to deal with the urban sprawl as well.
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