Issue link: https://maltatoday.uberflip.com/i/1267088
OUR country, the smallest EU member state, has managed to successfully move forward both in terms of public health num- bers and equally important, on an economic level, amid the COVID-19 effect on global trade and economy and the im- pact this has produced globally. It is therefore with great sat- isfaction that we are now pre- sented with the European Eco- nomic Forecast for Summer 2020, wherein the European Commission is once again pre- dicting that notwithstanding our country's dependence on tourism and international trade, Malta is expected to suffer the least relative economic blow from COVID-19 among its Eu- rozone peers. In their analysis, European experts claim that "numerous financial aid packages from the government ... should help to cushion the economic impact" to the extent that they noted that "recent economic indica- tors, particularly in the con- struction and manufacturing sectors, suggest a modest recov- ery". Commendations hailing from the world's most respected au- thorities, continuously signal that our approach throughout the pandemic has positioned Malta once again at the fore- front, a referral point capturing the attention of prospective in- vestors. The Commission's report notes that "the easing in gen- eral restrictions is expected to relaunch domestic demand, pushing GDP annual growth to 61 / 4% in 2021". This sharp rate will completely mitigate the im- pact of the 2020 economic blow. According to European experts, the main reason behind this im- provement will be the invest- ment "supported by the recov- ery packages announced by the authorities". A strong regeneration eco- nomic plan has been launched which will generate valuable economic activity for all, ensur- ing that each sector, business, big or small and every family and household are fully sup- ported in regaining the quality of life they enjoyed pre-COV- ID. Creating prosperity is what we, as a government do best and in the past few weeks, we have not only sought to safe- guard jobs, a stance in which I believe we have succeeded, but have simultaneously contin- ued to implement our vision of attracting investment to our shores and nurturing our ex- isting economic niches. The visionary €40 million project inaugurated just last week by aviation giant SR Technics, is just one prime example which consolidated the commitment of such a renowned company to our islands. It is therefore wholly reassur- ing that through its comments the European Commission is indicating a vigorous agree- ment with the Government's economic policy, especially the orientation of our economic re- generation plan. This is not the first vote of confidence in these measures; on 19 June the Internation- al Social Security Association, the United Nations body that brings together social security authorities around the world, issued a statement stating that "the measures taken in Malta have made a key contribution to protecting the population against the social and eco- nomic impacts of the crisis… have served as a safety net for 100,000 employees who re- ceived short-term support and whose jobs could be safeguard- ed… the Maltese public service was instrumental in responding in these very testing times and rose to the challenge. " Remarkably, just this week several British newspapers re- vealed that the British Chan- cellor of the Exchequer is being encouraged to adopt measures taken by the Maltese Govern- ment, including the granting of vouchers to families and a re- duction in the property stamp. This in itself is, I believe, a glow- ing commendation indeed! We are now at a crucial point which requires the commitment of us all as a nation to emerge with a competitive edge; a strat- egy which is not only garnering international acclaim but is the first of many steps towards our collective success. Therefore, I urge you to look to the future with courage and optimism to- wards a 'Better Tomorrow' for all. 13 maltatoday | WEDNESDAY • 8 JULY 2020 OPINION Silvio Schembri Silvio Schembri is minister for the economy, investment and small business The European Commission: A strong commendation for Malta's economic response Silvio Schembri (right) with Prime Minister Robert Abela during a press conference announcing the government's economic package to mitigate the ffects of coronvirus