Issue link: https://maltatoday.uberflip.com/i/1546133
7 maltatoday | SUNDAY • 9 AUGUST 2026 COMMERCIAL Mapfre Economics forecasts economy will grow 3% in 2026 and 3.1% in 2027 MAPFRE Economics, Mapfre's research arm, forecasts global economic growth of 3.0% this year and 3.1% next year, with inflation projected at 3.8% and 3.1%, respectively, according to its report 'Economic and Indus- try Outlook 2026: Perspectives for the Second Half of the Year,' During the first half of 2026, the global economy maintained a path of moderate growth, with inflation continuing to ease, al- beit unevenly, in an environment marked by heightened risks and uncertainty. Macroeconomic sta- bility appears to depend more on the effective management of ex- isting risks than on a fully consol- idated economic equilibrium. The U.S. economy is expected to grow by 2.1% this year and 2.0% next year. The main source of vulnerability remains the fiscal outlook. The public deficit re- mains at very high levels (around 7–7.5% of GDP over the coming years), while public debt has al- ready exceeded 120% of GDP and is projected to approach 140% by 2030. This trajectory points to an unsustainable fiscal path over the medium term, which could in- crease borrowing costs, generate volatility in debt markets, and re- duce the government's ability to respond to future shocks. The Eurozone is expected to grow by 1.0% in 2026 and 1.2% in 2027. The improvement in EU GDP is weak but positive, driven mainly by domestic demand and a resilient labor market. In Latin America, the region is expected to grow by 1.9% in 2026 and 2.1% in 2027. Meanwhile, the Asia-Pacific region is forecast to expand by 4.6% in 2026 and 4.5% in 2027. China's economy is ex- pected to grow by 4.5% this year, remaining below the 5% mark. Impact on insurance industry The insurance industry enters the 2026–2027 period from a position of relative strength, sup- ported by resilient global econom- ic growth and financial conditions that continue to underpin the generation of recurring earnings. However, an environment characterised by heightened geopolitical uncertainty, more volatile inflation, and higher interest rates for longer is like- ly to increase the dispersion of results across markets, prod- ucts, and companies. The ability to manage techni- cal, financial, and operational risks in an integrated manner becomes one of the main dif- ferential factors to preserve the profitability and growth of the insurance industry. Thus, Non-Life premiums are projected to grow by 5.7% this year and 6.0% in 2027, while Life premiums are ex- pected to increase by 5.9% in 2026 and 6.8% in 2027. St Julian's Band Club AD 1927 launches festive programme Melita Business and Pitre Bathrooms renew decades long partnership IN preparation for the Feast of St Julian, the St Julian's Band Club AD 1927 is proud- ly launching its festive pro- gramme with two key events that have become an impor- tant part of the festa calendar. The first event is the annual Blood Donation Drive, which will take place at the Michael Farrugia Hall, St Julians Band Club, on Sunday, 9 August. Manouche Craft Bakery is supporting this event. This in- itiative aims to encourage sol- idarity within the community and is open to both members and the general public. The second event is the much-anticipated annual Rock the Bay Fusion Concert which will be held on Sunday, 23 August, starting at 8:30pm. Organised in collaboration with Kazin Banda San Giljan Gastropub and Briju Ġiljaniż, with the support of Visit Mal- ta the event will showcase the talent of the St Julian's School of Music, alongside local DJ Ziggy and guest artists DJ Nick C and Wayne Camilleri. Blending contemporary mu- sic performed by the band with upbeat DJ sets, Rock the Bay promises an unforgetta- ble evening of entertainment in the heart of Spinola Bay. The event is free and open to everyone. The Committee invites everyone to follow the St Ju- lian's Band Club's social me- dia channels for the full pro- gramme of events leading up to the Feast of St Julian, which will be celebrated on Sunday, 30 August. MELITA Business and Pitre Bath- rooms have renewed their com- mercial agreement, extending a relationship that now spans more than 19 years and is poised to enter a third decade of collaboration. The renewed agreement will see Pitre Bathrooms continue to utilise the full suite of Melita Business ser- vices across its business operations. This includes mobile services, high speed internet, television, telephony and cloud-based PABX solutions, supporting seamless connectivity across the organisation. Founded over 50 years ago, Pitre Bathrooms is a family run Maltese business based in Qormi which is known for its wide range of bath- room solutions, tiles and home fin- ishes. The company has built a strong reputation for combining design, functionality and affordability, serv- ing both residential and commercial clients. The long term partnership reflects a shared commitment to reliability, service quality and continuous inno- vation, with Melita Business provid- ing the digital infrastructure needed to support Pitre Bathrooms' day-to- day operations and customer engage- ment. For more information on Melita Business visit https://www.meli- tabusiness.com/ Robert Runza, Director of Business Development at Melita Business, and Mireille Muscat Pitre, Director at Pitre Bathrooms