Speaking at a Pre-Budget Business Breakfast on Wednesday, Malta Chamber Policy Executive Mr Nigel Mifsud reiterated that Malta’s businesses were still paying the highest energy rates in Europe. This was having an effect on Malta’s competitiveness.
Mr Mifsud highlighted the urgent need to review these energy rates for SMEs.
He also urged Minister for Finance Prof. Edward Scicluna to introduce additional active labour market policies and other short and long-term solutions to narrow the increasing labour gap.
On behalf of the Chamber, Mr Mifsud, also welcomed news of government’s intention to focus on upgrading Malta’s infrastructure, which was one of the three main pillars on which the Chamber built its Pre-Budget 2018 proposals.
Addressing the meeting, the Minister noted Malta’s positive standing in terms of its macroeconomic indicators, explaining how Malta’s GDP growth, exports, reduction in general government debt, and current account surplus are among the highest in the EU.
On the other hand, the Minister depicted Malta’s stagnating productivity levels, as evidenced by similar growth levels in both employment and GDP, noting that for the country’s economic growth to remain sustainable, higher levels of productivity must be achieved.