Fabian Demicoli

Budget 2012:GRTU Proposals and Strategy

Reduction of Public Deficit -At 68% of GDP Malta's Public Deficit is too high for an open economy like Malta, Economic imbalances, both internally and externally are worse than for other economies with large internal markets. Government should in Budget 2012 take serious action to reduce the deficit in Public Financing.

  • Productivity

 

GRTU supports all schemes that improve productivity. Productivity is the result of greater and higher quality investment in all sectors, increased labour economic contribution and investment in new technological systems, innovation and better management of resources.

  • Unutilized Resources

 

The Maltese economy still suffers from excess capacity and oversupply in various areas. The total result is that important resources like land, human capital and financial resources remain idle or unutilized and thus fail to contribute to GDP Growth.

  • Capital Investment

 

Government should not in Budget 2012 increase current expenditure not only because of its negative impact on the deficit in Public Finances but also to avoid unnecessary inflationary increases. Government should reduce expenditure on non-productive sectors but heavily increase capital expenditure on capital investments. The Capital Budget as planned for the next 3 years should grow substantially and be used as a tool to further strengthen the infrastructure and the enhancement of Malta's potential as a modern knowledge-based economy.

  • Growth

 

GRTU expects a smart budget that emphasizes capital investment, better utilization of economic resources, new incentives to encourage and promote the growth of internal economy through greater private sector capital investment incentives and incentives to enlarge mobility of labour towards more productive sectors, reduction of costs for enterprise and the promotion of new financial instruments that encourages the better utilization of financial resources held by the banks and by the private sector.

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