Live like there is no tomorrow goes one song. This is anotion which be-comes problematic if it had to be associated with a government and its (lack of) long-term vision. I am afraid that we are practically inebriated with all the talk of economic growth and wealth generation, that we are missing some worrying signs in the government’s political direction.
Economic growth is an important goal for any government. It is also a very important yardstick to measure any administration’s success. But economic growth has to be part of a more holistic economic approach. We are in the fourth year of this administration and budgets have come and gone and we are none the wiser on the government’s plan to expand the economy in a way to sustain growth.
Let us for a second analyse the major developments in the past two decades. The Maltese economy has witnessed impressive growths which were also coupled with the introduction of new economic sectors. This allowed our economy to transform itself into a modern one, which in turn allowed us to weather one of the most turbulent economic periods in history.
Besides experiencing expected booms in sectors such as real estate, the Maltese economy was steered towards new territories. Main economic areas today were non-existent until 15-20 years ago. Talk of pharmaceutical, aviation, yacht marinas, IT, gaming, life sciences and you have a whole spectrum of thriving economic areas which are sustaining our country’s growth. Needless to say, these sectors did not come about by chance.
A sound economic vision has to be planned and implemented gradually but we are still in the dark on where this government is envisaging our economy in a few years’ time
They were the fruit of sound decisions and an economic vision and foresight of the Nationalist Party in government which enabled our economy to transform itself with practically no hiccups. It is even more commendable to note that while this transformation was taking place, employment numbers continued to rise.
It is with this historical background in mind that I worryingly analyse today’s economic strategy. This government seems to be more intent on the immediate need to create the feel-good factor and ensuring adequate spending power amongst its citizens. The sale of citizenship is one way of generating income which is then channelled into the economy. However this strategy does nothing to put our minds at rest that the economy will be geared to face the challenges of the next decades.
A sound economic vision has to be planned and implemented gradually however, we are still in the dark on where this government is envisaging our economy in a few years’ time. Which are the areas where the government is planning to invest most to entice new businesses? What investment in the strengthening of infrastructure is needed to support the envisaged growth? How is any planned economic expansion, or diversification, being considered in the light of possible new skills which will be required from our workforce?
It is good to have annual economic growths reported. But we should never lose our focus on the long-term economic vision. Our country’s economic vision needs some serious planning which I am afraid is lacking. This becomes even more pressing when one considers that national and European forecasts show that our country will soon become a net contributor to the EU’s economy.
Sam Abela is a PN electoral candidate on the 7th district.