We're not so special after all

What is troubling Maltese society at the moment? It's the main topic at all dinner parties, at chance encounters with old friends and even office gossip has given way to it: the recession.

People might debate the illegal immigrants' situation with passion, ado and drama, but sooner or later, talk will fall on the current economic situation. And people stop being dramatic; they become anxious. Faces are going pale, hair greyer and frowns are running deeper. The cost of living and the hike in utility bills remain the top public concerns.

This is neither a political column nor an economic one, but as it is a social column, I think I can voice our concerns for being so patronised and at times misled by the people we elected to steer the country about the economic climate.

First off, only last November, in an interview in The Sunday Times, Central Bank Governor Michael Bonello told us that: "There are no economic indicators which point to a looming recession in Malta."

And so it was that over Christmas we were telling each other that the recession will bypass our islands and 'aren't we lucky?'

Well not so anymore. Ironically on Friday March 13 we were told that the big 'R' had in fact hit Malta - not now, mind - but during the second half of 2008.

Our mouths were still in the shape of a big 'Oh', when last Sunday Prime Minister Gonzi assured us that "Malta would be one of the first to recover from the recession once the global financial crisis was over if it continued to react well to the current economic scenario."

I'm sorry, I'm lost here. So first we had no recession, then we were told 'oops, by the way we have been in one since last year', but almost immediately told we are not to worry, because our island will come out of it the best.

I think the PM and all his colleagues in Parliament could do worse than go down for a hello-calling-earth walkabout, and call a spade a spade. Should I maybe invite them for a do at a friends' house next weekend? (A candle-lit one, by the way, to save on the bills).

Would they want to hang around listening to depressing job concerns from everyone and anyone?

Friends of mine have had substantial cuts in their bonuses, others are on forced leave, or a reduced-hour week, others are having to live on pathetic basic wages because their overtime has come to a halt. We all are extremely concerned.

I wonder, would retailers still budget for advertising their products if people simply stopped buying? Would I still be writing here if all of a sudden The Sunday Times registered a drop in advertising?

Why is it that we are constantly being given the impression that Malta is special when statistics and facts are showing otherwise? We only need to look at a fellow EU country to realise we cannot take our luck for granted. Last week, The Sunday Times of London magazine ran an in-depth analysis on 'The Bad Luck of the Irish'. Ireland, as we all know, was an EU success story.

The Union helped the Irish to get over their 'inferiority complex and find a little much-needed swagger and self-belief'.

So much so that in 2004 The Economist - praising the low unemployment rates, high wages and stable family and community life - declared it as the best place to live in the world. Fast forward to 2009 and its economy is practically bust.

"Ireland was livin' it large and lovin' it. But what began as a boom became a binge. And the worst sort - a property binge," claimed the article.

Ouch. Isn't that what has happened in Malta over these couple of decades as well? The property market is a huge factor in determining how well an economy is doing. And how is ours doing today? The answer, I think, lies in our estate agents' suits nowadays. Come to think of it, what suits? They are all showing round houses in their tracksuit bottoms and sporting a stubble.

We are in recession and are suffering its effects. And it won't get any better. The least that can be done is that it is acknowledged and we talk about it maturely.

We really don't need our leaders to pat us on the head and tell us that the beast won't get us. Because it will, because we are not so special after all. And this should be our leaders' mantra.