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BUSINESSTODAY 7 May 2020

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SCOOTER 001 SHARING THE PRESENT, SO WE CAN BUILD A BETTER FUTURE. One app. Over 450 shared vehicles. Pay per minute, per hour or per day. goto.com.mt/download * Rate per minute for Scooter trips on the GoTo Business Plan. Terms and Conditions apply. €1.50 THURSDAY 7 MAY 2020 • ISSUE 57 WWW.BUSINESSTODAY.COM.MT MATTHEW VELLA JOSEPH Muscat is back. is time as an economic consultant brought back into the heart of the Labour government to map out a new way out of the COVID-19 pandemic. In a nine-page report compiled by "the office of Dr Joseph Muscat", the former prime minister gave Cabinet ministers a note on the possible evolution of the Maltese economy in 2020 and 2021. In it, the former Labour leader, who resigned in the wake of the Caruana Galizia assassination in- vestigation and its implication of his chief of staff Keith Schembri, gave a wide range of scenarios: as bad as a loss of 16.1% in gross val- ue added in 2020, to as much as a bumper 10% growth in 2021. PAGE 3 PAGES 6 & 7 PAGE 2 INTERVIEW Editorial PAGE 5 AN ECONOMIC NOTE, A GRIM REALITY, A DOUBLE-EDGED SWORD Muscat gives Cabinet COVID-19 forecast Holiday property registrations doubled in seven years Former PM drafted in effort to map out bounce-back, forecasts bad times for financial services and tourism GDP expected to contract by 5.75% in 2020 PAUL COCKS AFTER several years in surplus, Malta's general government balance is ex- pected to slip into deficit and public debt to rise in 2020, as the government takes fiscal measures to offset the Covid-19 crisis. e spring forecast issued yesterday by the European Commission's's Directorate General for Economic and Financial Affairs said it ex- pects Malta's GDP to con- tract by around 5¾% but rebound by 6.0% in 2021. PAGE 4 Malta Enterprise sets eyes on what is achievable, not what can be lost Joseph Muscat

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