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4 NEWS 28.4.2022 MELITA Business has further enhanced its machine-to-machine (M2M) and In- ternet of ings (IoT) connectivity by enabling 5G nationwide on all its IoT packages. Using the 5G network means that up to 1 million devices per square kilometre can connect to the network simultaneously, greatly increasing the scope for the implementation of IoT solutions across Malta and Gozo. Malcolm Briffa, Director of Business Services at Melita, said, "5G is a game changer for IoT, enabling M2M com- munication faster than human percep- tion. is means that we can now take the Melita Business IoT offering to the next level. While until now, IoT ser- vices in Malta have mainly focused on collecting data and monitoring, more exciting opportunities in automated manufacturing and even driverless ve- hicles now become a real possibility. Launching IoT services on our Erics- son 5G network is just the latest step in Melita's continuous efforts to offer the best communication technology to our customers." Under its international brand, melita. io, IoT connectivity is also provided to customers across Europe, and serviced by teams based in Germany and Italy, with distribution in various other coun- tries on the continent. Since melita.io was established in late 2019, its presence in the IoT sector has grown significantly, providing services to businesses operating in industries such as car-pooling and fleet manage- ment, waste management and digital health care. Melita Business enables 5G IoT nationwide Edward Scicluna warns of risks from prolonged war in Ukraine PAUL COCKS DOMESTIC consumption could be im- pacted negatively if commodity prices remain elevated for a prolonged period as a result of the Ukraine war, Edward Scicluna said. e Central Bank of Malta governor said on Wednesday that the negative impact could be mitigated by "further fiscal support or a faster decline in the savings ratio". Scicluna said prolonged geopolitical tensions in Europe could also lead to higher imported inflation than envis- aged by the European Central Bank. He was speaking during the launch of the CBM's annual report for 2021, which showed how the economy grew by 9.4% last year as it recovered from the ef- fects of the COVID-19 pandemic. e increase in GDP was marginally above that of 2019. Scicluna said the CBM's latest projec- tions show that economic activity levels are expected to continue recovering in 2022. "As economic activity levels have al- ready returned to those prevailing be- fore the pandemic, growth is expected to moderate to more normal levels," he said. e CBM expects GDP will grow by 6% in 2022, 5.3% in 2023 and 3.8% in 2024. Scicluna said inflationary pressures are expected to remain elevated but should begin to dissipate in 2023, as supply bot- tlenecks disappear. However, he noted that the Russian in- vasion of Ukraine has heightened uncer- tainty and represents additional down- side risks to economic activity. Economy recovered to pre- pandemic levels in 2021 e annual report said that the global economy began to recover from the ef- fects of the pandemic in 2021 but the re- covery remained uneven across sectors and countries. e strong rebound in global demand occurred in the context of bottlenecks caused by disruptions in production and supply. Mismatches between supply and demand in turn led to higher inflation- ary pressures that were amplified by ris- ing energy prices. Employment in Malta continued to benefit from the ongoing normalisation of economic activity in a tight labour market and from COVID-related sup- port measures, particularly the wage supplement scheme. Unemployment fell and stood well below its average since at least 2003. e fiscal balance remained strongly in deficit, due to the extension of eco- nomic support and health expenditure. e current account balance also re- mained in deficit, reflecting a significant increase in imports which included the aviation sector. Tourism-related earn- ings, while recovering, remained well below pre-pandemic levels. e annual rate of inflation based on the harmonised index of consumer pric- es (HICP) fell slightly to 0.7% in 2021. However, by the end of the year inflation had risen to 2.6% as international price pressures affected the Maltese economy. But inflation remained well below that in the euro area, mainly as a result of the surge in international commodity pric- es. Central Bank of Malta Governor Edward Scicluna warns of negative impact on consumption if commodity prices remain elevated for long

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