Page 143 - Monaco Economy 120

What will the Economic Development of Monaco be in the Next

30 ears

Paolo di Gaeta is a financial and geopolitical columnist. On his Youtube channel Solutions by Paolo di
Gaeta , he discusses topics such as the web economy and the European Union. Today, he shares with
us his economic forecasts for the Principality.

“The Principality of Monaco is a centre of excellence in multiple
fields. Over the next 30 years, this territorial and geopolitical trend
will continue, first of all with the development of the real estate sector
which accounts for up to 50% of the GDP,” Paolo di Gaeta explains.
Although the surface area of the principality is very limited, new
skyscrapers will be built “as always, by demolishing and rebuilding old
buildings, thus increasing the square metre total” - he explains. The
new offshore extension will also help to extend the territory’s limited
space by providing an additional 6 hectares of land and allowing for
further real estate development.

Education and Finance
With the proliferation of new housing, an increase in the population of
the Principality should be expected. Consequently, in this specialist’s
opinion: “Education will have to be developed, at least to the extent
of 5% of the GDP, particularly so that all the children of families living
in the Principality will have access to schools”. Furthermore, there
should be more opportunities for high school graduates to continue
their studies in Monaco, and above all tthey should be able to specialise
there. Paolo di Gaeta specifies: “It will be essential to make it possible
to obtain masters degrees at the International University of Monaco
and these degrees will have to focus on real estate, economy and
finance for these sectors in order to synergise with the country’s
development projects”.

In the future, the financial sector will need new, more qualified and
innovative human resources since, according to Paolo, it will generate up
to 15% of the GDP. “The services will have to be developed by providing
more independent financial advisers who guarantee objectivity in
the choice of investments.” comments the expert on international
finance issues.

Health and tourism
Another flagship sector that is expected to grow to 15% of the GDP:
health. A global trend, due in particular to the CO ID-19 crisis. “Monaco
will not only focus on life expectancy but on functional longevity by
developing new anti-aging knowledge.” - clarifies Paolo di Gaeta. The
AMWC (Aesthetic Anti-Aging Medicine World Congress will continue
to grow, connecting scientific committees, doctors, Monegasque
professionals and international professors.

By developing specialised congresses and continuing its event activity,
Monaco will also see an increase in tourism. Paolo di Gaeta adds:
“With the construction of a third port, in addition to the two existing
© gyn9037 ports, Monaco will also experience a large increase in maritime traffic,
which will be of benefit to the hotel sector”.

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