The Malta Employers’ Association has proposed a set of measures for the government to reduce the negative impact of the international economic recession, which is affecting companies in various sectors of the Maltese economy, particularly in manufacturing and tourism.
The measures proposed by the MEA are:
- An immediate reduction of electricity rates to households and businesses to reflect current international oil prices and boost people's disposable income;
- The introduction of a scheme to pay, on a temporary basis, part of the wages lost by employees in manufacturing companies who fall on a four day week - thuse easing hardship and retaining the level of aggregate demand in the economy;
- Faster processing of development permits that do not infringe environmental regulations;
- Allocation of more funds to strengthen employment services for re-training and the implementation of schemes, such as the community work scheme which was mentioned in the last budget speech;
- Pumping EU structural funds into important infrastructural projects to improve the general infrastructure and improve the tourism product;
- Designing a medium to long term job creation strategy for the generation of green jobs, and employment opportunities in potential growth areas such as medical tourism and Islamic banking;
- Capitalising on the relative economic stability that Malta is experiencing during this recession to promote the country as a safe haven for investment.
The MEA said these recommendations would act to dampen the economic slowdown and also to place Malta in a better position to grasp economic opportunities that will arise once the international recession subsides.