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36 maltatoday | SUNDAY • 24 MAY 2026 NEWS Economist Malta's next risk may not JP Fabri ELECTION 2026 ELECTORAL manifestos pro- vide a strategic blueprint for where a country wants to go. At their weakest, they become expansive catalogues of prom- ises designed to appeal to as many constituencies as possi- ble. This is why the economist's role during an election is not to count measures, compare gen- erosity, or assess rhetoric. It is to step back and ask whether these manifestos meaningfully respond to the economic real- ities, institutional constraints, and structural pressures that will shape Malta's future. That question carries particu- lar weight in 2026 because the world around Malta has ma- terially changed. The assump- tions that shaped economic confidence only a few years ago no longer feel as stable. Geo- political uncertainty, energy vulnerabilities, supply-chain fragility, inflationary pressure, tighter capital, shifting trade routes and weaker Europe- an momentum have created a more demanding environment. For a small island economy that depends heavily on im- ported energy, tourism, trade connectivity, logistics, foreign labour and investor confi- dence, these pressures are not abstract global trends. They directly shape domestic resil- ience, fiscal space and long- term competitiveness. This means manifestos should not only be read from a politi- cal perspective but also from an economic one. Both major parties have pro- duced broad and ambitious programmes that attempt to respond to growth, taxation, infrastructure, health, housing, energy, governance and future sectors. Both reflect visible policy effort. Both recognise, in different ways, that Malta is entering a more complex phase of development. Yet the deep- er challenge is whether these proposals reveal strategic dis- cipline, credible prioritisation and a serious understanding of economic trade-offs. PL manifesto Labour's manifesto is largely rooted in continuity, stability and the argument that eco- nomic strength should now translate into stronger well- being, broader opportunity and improved quality of life. It places significant emphasis on protecting households, main- taining affordability, sustaining growth, supporting social resil- ience, investing in innovation and preserving confidence in a volatile world. Its central in- stinct is one of continuity and managed progression. Its economic value lies in rec- ognising that stability matters. In uncertain times, predicta- bility can protect households, reassure investors and preserve confidence. Yet continuity also raises an important economic tension. Protection can grad- ually become overprotection if political systems repeatedly rely on cushioning households through subsidies, broad sup- port mechanisms and immedi- ate relief without accelerating the structural reforms required for long-term competitiveness. Party leaders Robert Abela and Alex Borg unveiling