The Malta Independent 26 May 2019, Sunday

PD fears ‘an economic storm appearing on the horizon’

Tuesday, 14 May 2019, 09:39 Last update: about 11 days ago

Partit Demokratiku this morning expressed fears that an economic storm is appearing over the horizon.

For 6 years the eurozone economy has grown uninterruptedly, PD said. Economic forecasts indicate that a slowdown is approaching. 2018 indicates this clearly. The Economic Commission has raised the warning flag and has revised the rate of growth for 2019 from 1.9% to 1.2%.

These uncertainties come as a consequence of a trade war between the United States and China, poor economic growth of some of Eurozone’s major players, the debt situation of the lower economic group in the eurozone, political unrest as in the case of  Brexit or protests in France, and because of the dubious reactions to tax and product regulations by mega European companies.

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It is hoped that these effects will not make Malta’s economy head for a major crisis. “The antidote is a collective effort to have our economy based on values and not volumes,” stated Party Leader Hon Godfrey Farrugia.

“It is evident that government has ridden an economic wave not of its making, forgetting economic sustainability and milking it politically by creating jobs for the boys and dishing out cushy jobs, opening up planning processes permits to please developers and assist oligarchs through PPPs and pro-shady deals,” stated Secretary General and MEP candidate Martin Cauchi Inglott.

“Malta needs to moderate its growth by shrinking the construction sector because it is building more than we need tomorrow on the basis of positive market signals shown yesterday. and we need to orientate our economy to compete in knowledge economy,” stated MEP candidate Dr Anthony Buttigieg.

“We need to built a war chest to stimulate growth when the forecasted slowdown hits us and we need to take care of our environment by having budgets that instigate a circular economy, “ stated MEP candidate Camilla Appelgren.

Partit Demokratiku is for a sustainable economy that is competitive, ethical and addresses the social contract so that our quality of life will not be decent in the short-term but guaranteed for prosperity.

 

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