PN deputy leader Mario De Marco yesterday called on the government to take note of indicators showing a decline in economic activity and to “act before the situation gets worse”.

He referred to warnings by the Governor of the Central Bank Josef Bonnici earlier this week that the take-up of commercial loans was down for the first time in years and to statistics showing a significant loss in exports and imports.

Dr de Marco said that though the situation was not yet beyond redemption the government should try to come up with innovative ideas to boost the economy.

We need a diversified economy. So far we have not seen any government initiative to create new areas of business

The economic downturn was already being reflected in an increase in unemployment, which during the past year has increased from 6.2 per cent to 6.8 per cent, he said.

Although the European Commission recently issued a positive projection for the Maltese economy, it also indicated that exports were at an all-time low and that this could have an adverse impact on Malta.

“We are not saying that everything is going wrong as the financial services and tourism sectors are fortunately performing well,” he said.

“However, this is not enough as we need a diversified economy. So far we have not seen any government initiative to create new areas of business.”

Dr de Marco also slammed the government over its lack of transparency and said that the public and Opposition ought to be informed on how taxpayers’ money is being administered.

The government, he added, had so far also refused to publish important contracts including the one with Henley and Partners on the cash-for-citizenship programme and the more recent one on the new power station signed behind closed doors last week.

The ruling was likely to create a ‘chilling effect’ on press freedom