This is a fantasy trip which takes us on a Time Machine clock travelling to 2040. Our economy has recovered fully from the human toil of the pandemic and new medical breakthroughs have fortified our resistance against new pathogens.
Forget the lockdowns and curfews introduced in the past to combat infections, countries now see a new Renaissance of growth and tranquillity. Our political leaders warn us to calm down, focus on our pennies from heaven. Only then, can we say that the world will go on turning, one way or another.
The prediction of gloom so common in the past has now given way to a fresh insight to humanity. Past doomsayers warned us that wars in Europe continue to plague our sentiments and fear we missed the opportunity to reduce global warming, the earth becomes a desert planet. In reality humanity did not die out − people found ways and solutions.
There are indeed challenging developments but we will adapt to them, just as we have continuously adapted to all. Back home, we are feeling bold that political will to accommodate a larger economy has started land reclamation in the south while productivity due to AI has doubled our GDP. This is accompanied by an explosion in population growth due to more migrants settling in.
The transition period has given us hope to correct past mistakes. In fact, our economy improved vastly following the investment in offshore renewables and start of hydrogen generation. This is being exported from six zones in our EEZ. Plans are set to use such green energy in transport vehicles while exporting the rest in pressurized canisters to Europe in a hub built on reclaimed land next to existing Freeport terminals.
It is expected that a net (after expenses) windfall of €10bn annually is secured from this source. The dream of turning the island into a mini Norway is taking shape and the green energy industry has encouraged lawyers to learn the ropes of this nascent sector.
Their consultancy in serving the needs of growing demands from the complexities of this booming industry which has caught the envy of many bureaucrats in Brussels.
Another consolation, is a growing sector of 12 new Fabless producers approved for the export of microchip products. The new riches have improved the lifestyle of locals. Unemployment is under control and finally government has dumped the COLA mechanism, replacing it with a scientific formula that works out the true increase in the cost of living. Such affluence has rekindled old traditions that during past wars plagued Europe and given rise to displaced immigrants.
Peace has now given way to rebuild Ukraine into a flowering metropolis and regain the title of the bread basket of Europe. Three countries have been admitted as full members of an enlarged EU, while talks continue to discuss closer co-operation with Turkey.
In Malta, islanders enjoy full employment and effective control over cost of living since the introduction of a living wage which is inflation adjusted annually. The country is booming with enthusiasm to regain its national character which since the wars in Europe waned, yet more focus is now placed to combat climate change particularly the fear of rising waters in the Mediterranean, hence completion of large-scale reclamation schemes approved in coastal waters by the Planning Authority.
The merrymaking in village feasts, Carnival, Notte Bianca, classical opera and candle-light fete in Birgu came back with a vengeance. During balmy summer days, families drive to the beaches (now replenished such that Ghadira and other rocky spots have been professionally extended) to spend time with families and friends.
As a result, from afar on the beaches you can see dozens of lights from small fires. Along the shore, you can find a lot of pavilions offering various products for barbecue and delicacies. Prosperity allows us to revisit a host of habits, customs, demands and so-called “normalities” that have never been seen before during the years of war.
The tempo in the 2040s is that youths are all computer literate, have a high IQ and sport AI smart phones. Is this an Utopian dream? Perhaps the claustrophobic fear that population doubles in 2040, has given way to controlled migration as TCNs now form an integral part of community. Multiculturalism has taken its toll on our internal relations and occasionally we notice ghettos of TCNs forming stealthily in the outskirts of villages but integration has worked well on balance. Robots and mechanisation curry favour with Castille boffins and grants are being offered to innovators flourishing in an expanded Life Sciences Park next to Mater Dei hospital. This knowledge factory is designed to attract talent and deliver Unicorns (a fantasy wish to mimic Silicon Valley).
But not all is lost, as a higher investment in R&D over the years has enabled the community to achieve a higher standard of intellectual discovery. This read: less work leads to increased leisure time and flexibility over time use. Advance technology in AI/machine-learning can recognise human speech and respond to it to perform specific tasks around the house. Smart phone apps running can interact with one’s home and gifted kids can handle the grocery list and book its delivery. Moreover, homes of the super-rich, living in stratospheric heights in tall towers, have fantasy walls endowed with nanotechnology that can project outside views, alternatively using Metaverse – they can project a real-time scenery from the everywhere, giving the residents a holistic feel-good experience.
Walls display movies, collateral information, environmental information, data about public transportation and weather schedules. They provide information and entertainment but will also upgrade homes to a dynamic atmosphere by lighting scenarios matching to the time of day, the mood of the user, their health conditions.
Thanks to advances in communications, the Illuminati can enjoy an extravaganza of home entertainment systems which combine augmented reality, virtual reality with mediated reality movies. For the high heeled, they enjoy interactive home entertainment systems that intensify end-of-year festivities making it more attractive and sensual than ever before. Demographics trends point to longer life expectancy and combined with a lower birth rate; this adds to the enigma of a larger cohort of senior folks at home.
On reflection, have we removed inequality in our society in 2040? Not entirely – almost 8% of the population are in the poverty trap and queue regularly in the free soup kitchen routine.
Finally, it is not a rose garden – our 2040 dream journey camouflages doses of corruption, racism, avarice, job discrimination, plundering of national assets for the benefit of the privileged, widespread cronyism and nepotism. In conclusion, it appears that islanders have not learned much from mistakes of the past and as a consequence, continue to pay for sins of omission.
Wishing the best in the festive season.
gmm@pkfmalta.com
George M. Mangion is a senior partner with PKF Malta