Salvino Busuttil

3 weeks ago | britannica.com | Lino Briguglio |Salvino Busuttil

Malta - Tourism, Shipping, Manufacturing: Until the mid-1960s the Maltese economy depended heavily on the British military presence in Malta. In the 1950s Britain began to withdraw its armed forces, which necessitated a drastic diversification of the economy. A series of development plans after 1959 were supported by government grants, loans, and other fiscal incentives to encourage private investment. Import and capital controls, which were extensive until the second half of the 1980s, were progressively dismantled during the 1990s, moving Malta toward a more market-driven economy as the Maltese government pursued a policy of gradual privatization beginning in 1999. Capital controls were fully lifted only