Civil Society Committee (CSC) member Mr Chris Borg Cardona gave a snapshot of the situation in terms of the impact of Covid on many sectors and areas. He was speaking during a virtual meeting organised by the Committee within MCESD.
He took a snapshot from the Malta Competitiveness Report for 2020 launched during the high-profile National Productivity Board Business Breakfast held last month and put up by MCESD, which also saw the presence of the Prime Minister Robert Abela, Minister Carmelo Abela and Finance Minister Clyde Caruana.
He said that the report was based on three scenarios, through an analysis and assumption exercise: Mild, Medium and Severe over the coming years.
The report took into consideration the lack of tourism as a result of Covid and how it is assumed it will look like when the airports open when Covid is over, the economic growth and how it will get back on its feet worldwide, and when we would return to normality post Covid.
The EU resilience and recovery facility fund of 672 billion euros, which come in the form of grants and loans where Malta is expected to receive funds as well, was also discussed. The fund is aimed at helping various sectors to decrease the Covid impact.
He said that vouchers gave a boost to businesses when restrictions were lifted, Government helped mitigate the issue of employment through a number of measures, Government finances in terms of recurrent revenue decreased (lower than the previous year), Government spending increased due to Covid-related support, and a deficit was reported. GDP increased to 53.7%.
The national plans are also expected to address challenges identified in country-specific recommendations.