Editing Economy of Malta (section)

==History==
During the [[Napoleonic Wars]] (1800–1815), Malta's economy prospered and became the focal point of a major trading system. In 1808, two-thirds of the cargo consigned from Malta went to [[Levant]] and [[Egypt]]. Later, one half of the cargo was usually destined for [[Trieste]]. Cargo consisted of largely British and colonial-manufactured goods. Malta's economy became prosperous from this trade and many artisans, such as weavers, found new jobs in the port industry.

In 1820, during the [[Battle of Navarino]], which took place in [[Greece]], the British fleet was based in Malta. In 1839, [[P&O]] and [[East India Company]] used Malta as a calling port on their Egypt and Levant runs.

In 1869, the opening of the [[Suez Canal]] benefited Malta's economy greatly as there was a massive increase in the shipping which entered in the port. The economy had entered a special phase. The [[Mediterranean Sea]] became the "world highway of trade" and a number of ships called at Malta for [[coal]] and various supplies on their way to the [[Indian Ocean]] and the [[Far East]]. From 1871 to 1881, about 8,000 workers found jobs in the Malta docks and a number of banks opened in Malta. By 1882, Malta reached the height of its prosperity.

However, the boom did not last long. By the end of the 19th century, the economy began declining and by the 1940s, Malta's economy was in serious crisis. This was primarily due to the invention of large ships which had become oil-fired and therefore had no need to stop in the Grand Harbor of Malta to refuel. The British Government had to extend the dockyard.

At the end of [[World War II]], Malta's strategic importance had reached a low point. Modern air warfare technology and the invention of the [[Nuclear weapon|atomic bomb]] had changed the importance of the military base. The British lost control of the [[Suez Canal]] and withdrew from the naval dockyard, transforming it for commercial shipbuilding and ship repair purposes.