Analysts have for a number of weeks and months been speculating about the scenarios that could develop once the world's leading economies would have moved out of the recession. There were divergent views about the type of recession we had, there were divergent views as to how long the international recession would last and there are obviously divergent views as to what type of economic recovery we will have. This may all sound as being too academic.

However, I am afraid it is not. The nature of the international economic recovery will have an impact on our economy as much as the recession has had. We could argue as to how big or small the impact was, but the impact was definitely there. The nature of the recovery will also have an impact on some issues that affect us Maltese, and people in other countries, on a daily basis, such as our purchasing decisions.

If the economic uncertainty lingers on and there is not the recovery of the wealth lost during the recession, consumption will not pick as fast. International capital markets seem to be expecting such a scenario as they brace themselves for a recovery that will not reach the highs experienced before the onset of the recession.

Moving closer to bread and butter issues, one also needs to look at the nature of work after the recession. In line with the prevailing economic thinking that ruled the waves before the start of the financial crisis and then the economic recession, the world was consistently moving towards a technology and the use of processes that saved on labour costs, a globalisation of productive activities which shifted such activities around the globe, and a knowledge economy that exploited the brain rather than the brawn in people.

Our vision of work was developing into three forms of conflict, namely man versus machine, one worker in one part of the world against another worker in another part of the world, and a worker in white collar using a computer against a man in blue collar using a hammer. With the financial crisis and the resulting scandals on pay and bonuses given to executives, could these conflict scenarios be changing? Will there be a reversal of trends? Will there be more humanisation in the world of work?

Will there be less globalisation and therefore less movement of labour? Will there be more social cohesion and therefore less distinction between the brainy people and the brawny people? Will there be an element of redressing of the balance between merit and social needs? Will the profit motive remain the only factor that determines investment and employment decisions made by businesses? How will environmental issues affect the world of work? Will developments that have been taking place within business organisations continue? I am referring to things such as the elimination of hierarchical structures and the introduction of networking structures and greater employee involvement such that collaboration and trust become more important values than control.

These are obviously very difficult questions to answer and one can only conjecture what may or may not happen. However, there is no escaping the fact that given the openness of our economy and our exposure to what happens beyond our shores (which provide both opportunities and challenges), these developments in the world of work will have an impact on us as well. A great deal will also depend on the political thinking that will develop. In this regard I have already had the opportunity to comment on the message which I believe that the US President Barack Obama has sent to the whole world when pushing forward his health reforms. It was not just a question of health reforms, it was also a question of social cohesion prevailing over fiscal deficit issues.

One thing we need to appreciate about our country's competitive advantage is that we have been capable of assimilating changes in the world of work with little or no problems. Foreign investors do say that the Maltese management and workforce in general have been successful in implementing modern management techniques and work organisation techniques better than other countries. Whatever the place of work will be like after the recession we should not lose this advantage, if we wish to continue to be an attractive location for investment.