Caruana chides PN for ‘superficial’ economic policy

Miguela Xuereb

Labour MP Clyde Caruana, who also heads Prime Minister Robert Abela’s secretariat, criticised what he saw as a superficial economic vision being employed by the Nationalist Party in opposition.

The newly-appointed MP, who was co-opted into Parliament by Abela last month, was speaking during debate on the financial estimates of the Economy Ministry. An economist by training, Caruana’s take proved to be a somewhat technical one.

He emphasised that the economic crisis brought about by the Covid-19 pandemic was far worse than that of the global financial crisis that took place over a decade ago, stating that the global impact was 50 times as much.

He added that it was much easier to dismantle an economy than to rebuild one, and that consequently, there will be difficult times ahead as economies will struggle with a lengthy recovery.

But Caruana also insisted that Malta was handling the situation better than most, keeping unemployment and debt low, and said that it was important for Malta not to run out of breath in the midst of a “marathon.”

Economy Minister Silvio Schembri similarly insisted that the government was handling the situation well, stating that from a starting point which foresaw 50,000 unemployed, Malta has kept the EU’s lowest unemployment rate.

He also said that Malta has already attracted more investment this year than it had had in 2019.