Confirming that for the first time in many years Malta's structural deficit will this year fall to under the three per cent of GDP benchmark, European Economic and Monetary Affairs Commissioner Joaquin Almunia said Malta is likely to be in a position to adopt the euro by its target date at the start of 2008. This is good news indeed and is the best certificate that the island is registering sound economic recovery.

Malta's economy is expected to grow at a rate of more than two per cent per annum in 2007-2008, the public deficit continues to be restrained, public debt is cut and inflation is likely to fall to about 2.4 per cent in 2008.

The EU's six-monthly forecast on its member states names Malta as one of only two countries that have managed to reach their targets on correcting the deficit. The Commission described Malta's economic activity this year as one "of continued growth at a sustained pace". The Commission forecasts better export activity in the coming two years, tourism should get better and employment should continue to grow. The Gross Domestic Product (GDP) is also projected to grow by about 2.3 per cent in 2006.

The European Commission itself has recognised that the country is on the right track to join the euro and that the government's policies are bearing fruit.

The positive report by the Commission about Malta follows on the same lines of the positive approach the majority of trade unions and civil society have now adopted with regard to the state of our economy. This is what investors, especially foreign ones, look at before putting their money in a country and in the past year we have had no fewer than Lm1 million investments per day. This is no joke when considering that we are competing against hundreds of other countries and the particular geographical location of our country which makes it even more difficult for certain investors.

It is therefore a pity that there remain those among us who day in day out preach doom and gloom. It is indeed ridiculous that Labour Leader Alfred Sant continuously lambastes the independent media, including this newspaper, whenever it speaks positively about the future. Facts are facts; you can try hard to twist them but they look you straight in the face.

With civil society and now even the European Commission agreeing that we are on the right track it is futile for politicians like Dr Sant to try and paint a different picture. Accusing all those who speak positively, as "imhallsin", spinners and PN lackeys is nonsense. Will Dr Sant accuse Commissioner Almunia of being a PN spinner too?

When Labour attacks those who disagree with its doom and gloom approach it should be taken with a pinch of salt as was Labour's parliamentary Whip Joe Mizzi when he said that should a "future" Labour government fail to strike oil he would resign. Alternative government indeed.

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