The Ernst and Young (EY) Chief Economist for the Eurozone Dr Marek Rozkrut, held an informal meeting with the social partners before the EY Parthenon Malta Future Realised conference.
The Chairman of MCESD remarked that in these turbulent times it was important to do what is right rather than what is next. He maintained the importance of seeking stability in the face of economic uncertainty rather that aspiring for new developments.
The residual effect of the pandemic and the start of the first conflict on European soil in the 21st century are having far reaching consequences. We are all grappling with record inflation, impending recession, the advancing threat of climate change, weakened global cooperation and a shifting global tax environment.
EY Malta’s senior manager Theo Dix, said that this meeting serves as an opportunity to get feedback from the social partners prior to the conference whilst having an informal discussion with the social partners on the trends in the global economy and their potential implications.
Dr Marek Rozkrut delivered a detailed presentation to the social partners sharing the economic outlook in the current turbulent times focusing on EU economies.
Dr Rozkrut noted that, the level of GDP recorded in the second quarter of year 2022, when compared to the last quarter of year 2019 (shortly before the pandemic outbreak) has already recovered or significantly exceeded a pre-pandemic level of economic activity in most countries. This included Malta with a GDP level exceeding pre-pandemic activity by 4.8%.
The Chief Economist also discussed inflation in the Euro area, stressing that consumption growth was having a major impact on inflation. Energy prices, labour supply, employment, transportation of goods and material and their effects on European and global economy where also discussed.