2 THE LOCAL ICT LANDSCAPE: CHALLENGES AND OPPORTUNITIES Malta has shown remarkable resilience in the face of the sovereign debt crisis that affected many other countries in Europe 2. Nevertheless, the crisis cannot be ignored because of the exposure that comes from having a small, open economy. Indeed, in May 2013, the European Commission recommended that Malta be placed under an Excessive Deficit Procedure and called for reforms in pensions, healthcare and sustainable public finances. According to Eurostat, the unemployment rate in Malta ranks among the lowest in the EU and, in 2013, the inflation rate fell to 1.38% compared to 2.72% and 2.42% in 2011 and 2012 respectively. The rate of economic growth for 2013 was higher than expected 3 and a growth of 1.7% is projected for 2014 4. 3. Most affected countries were southern European countries, Ireland and Slovenia. Source: Statement published by Standard & Poor’s on 17th January 2014. 4. Source: 2014 Budget Speech as presented on 4th November 2013. 2. 10