For many years, a country's economic success was measured almost exclusively by its rate of economic growth, the level of investment it attracted, and the number of jobs it created. These are important indicators, and no one can deny their value. However, today we find ourselves at a point where we need to ask a simple but fundamental question: who is economic growth for, and what are its real benefits for people's lives?
The idea of a new economic model is not a new one. In fact, it has been discussed for many years, even when we were in opposition. At that time, we argued that a country's progress cannot be measured solely by the wealth it generates, but also by the quality of life enjoyed by its people. Today, more than ever, this principle has proven its relevance.
The economy should be a means to help people live better lives, not an end in itself. When we speak about quality of life, we are referring to a range of factors that directly affect everyday living: the time we spend with our families, our physical and mental health, the environment in which we live, the quality of education, mobility, safety, culture, and the opportunities available to young people to fulfil their aspirations.
A new economic model must therefore be based on a better balance between economic growth and social well-being. This does not mean slowing growth or discouraging investment. On the contrary, it means ensuring that growth is sustainable and that its benefits are shared by everyone.
One of the greatest challenges facing many countries today is that despite strong economic growth, many families continue to experience financial pressure. Housing costs, the rising cost of living, traffic congestion, and the stresses of modern life all affect people's well-being. For this reason, we cannot continue to focus solely on economic statistics without considering the real-life experiences of citizens.
A new economic model should place people at the centre of economic policy. This means that every economic decision should be evaluated not only on the basis of profit or growth, but also on its impact on communities, families, and the environment. Good policy is policy that creates wealth while at the same time protecting the factors that contribute to a high quality of life.
The environment is one of the key pillars of this model. For a long time, economic development and environmental protection were often viewed as separate objectives. Today, we understand that the two must go hand in hand. A country that loses its open spaces, suffers from excessive pollution, or fails to plan sustainably is jeopardising the quality of life of both present and future generations. Economic development must therefore always be accompanied by respect for both the natural and urban environment.
Another important element is investment in human capital. The greatest resource of any nation is its people. High-quality education, continuous training, and new employment opportunities are essential if we are to build a modern and competitive economy. In a world that is changing rapidly due to technology and artificial intelligence, we must ensure that workers are prepared for the challenges and opportunities of the future.
At the same time, we must continue strengthening public services. An efficient healthcare system, accessible education, and strong social services are not burdens on the economy but direct investments in the well-being of the population. A healthier and better-educated society is also more productive and more resilient.
The new economic model should also place greater emphasis on achieving a balance between work and personal life. Success cannot be measured solely by how much we work or produce. It should also be measured by the time we have for our families, our communities, and our personal development. A society in which people live under constant pressure and stress is not one that is truly benefiting from economic progress.
It is equally important to strengthen the principle of social justice. A strong economy should create opportunities for everyone, not just for a few. Every individual should have the chance to progress through education, hard work, and commitment. This is the best way to build a more cohesive and united society.
Ultimately, the vision of a new economic model is both simple and ambitious. It is a vision that sees the economy as a tool for improving people's lives. It recognises the importance of economic growth while understanding that true progress must also be measured by well-being, happiness, and the opportunities available to citizens.
A modern country cannot be satisfied with positive figures on paper alone. It must aspire to create an environment where families feel secure, where young people can look forward to a promising future, where older generations live with dignity, and where communities remain strong and vibrant. This is the true meaning of a new economic model: an economy that creates wealth, but above all, an economy that places people and quality of life at the centre of everything it does.
Ivan Bartolo MP