“A budget that preserves Malta’s economic model” – The Malta Chamber

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The Malta Chamber

The Malta Chamber has welcomed the 2023 budget which it says uses all available financial resources to keep energy prices stable and to preserve the purchasing power of low-income groups amid persistent inflation.

“It is essentially a policy of preserving our economy – with all its strengths and weaknesses.”

However, the business lobby said: “We would have liked to see more ambition for sustainability beyond the continuation of existing programs for the purchase of electric vehicles. We would also have liked more concrete support in terms of innovation and new economic niches that can guarantee sustainable economic growth.

He also noted that while the government recognizes that despite all the investment in roads and free public transport, traffic congestion has not improved and therefore seeks to engage with stakeholders to limit the circulation of certain service vehicles before 9 a.m.

“Equally, it is encouraging to see the Malta Chamber’s proposal to set up a council for the assessment of the quality and aesthetic characteristics of new developments taken into account.”

The two relatively minor proposals are examples that can improve people’s quality of life, the business lobby said.

“Most of the proposals are actually aimed at maintaining purchasing power rather than improving the quality of life. While it is good for business to subsidize energy and maintain purchasing power, the country needs a longer-term strategy to be ready for the future.

In addition, the financial projections presented are based on the government’s ability to raise funds through the issuance of shares and assume a modest negative impact on our exports in the face of the prospect of an impending recession in Europe, added the Chamber of Commerce. Malta.

“The extent to which a recession in Europe will impact our exports of manufactured goods as well as tourism will be a determining factor for the performance of our economy in 2023.”

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