The Institute of Financial Services-Malta (IFS-Malta) recently organised a talk at the Malta Stock Exchange on the relevance of the Government's pre-budget consultation document to the Maltese economy. Leading economist Gordon Cordina delivered the talk.

In his presentation, Mr Cordina gave a comprehensive overview of the present state of the Maltese economy and the main challenges it is facing when compared to our other European counterparts. The contents of his presentation were: the need for economic growth in Malta, fiscal policy and economic growth, the Pre-Budget consultation document, and the way forward.

He presented various economic scenarios which need to be implemented to overcome these challenges if Malta is to converge with the rest of the EU and compete in a globalised world. Demographic shifts, employment generation and also sustainability in three major areas economic, environmental and social cohesion were also mentioned.

Mr Cordina clearly showed that economic growth is essential not just for Malta to progress but to maintain its present standard of living in light of demographic shifts. Fiscal policy will also have to be directed in such a way if it is to achieve its objectives of improving the allocation of resources and redistribution of welfare.

Mr Cordina concluded his presentation by stating that the pre-Budget consultation document is a collection of ideas which have matured over the years, taking into account international developments and local needs. The document can be considered to constitute a comprehensive review of principal issues at a strategic level, developed to varying extents in terms of concrete measures. Like a true economist, he also left the audience with some unanswered questions, which need to be addressed if we are to move forward.

The session ended with a question and answer session which saw a wide participation from those present. IFS-Malta committee member Peter Calleya chaired the discussion. IFS Malta is the island's leading financial services professional body and organises such events from time to time to encourage further understanding and discussion on topical issues, and effectively contributes to Malta's development.

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