Press Release: Positive outcome for Black Friday 2024
29 November 2024
Feedback reported to the Malta Chamber of SMEs on Black Friday results indicates mixed outcomes....
Recovery plans welcomed despite shortcomings
16 January 2009
The European economic outlook significantly worsened in the last quarter of 2008. GRTU spoke in several occasions, including its business conference, on the need to shelter SMEs as much as possible from the impact of the crisis.
More recently, GRTU welcomed the "European Economic Recovery Plan" published by the Commission on 26 November and subsequently adopted by the European Council, which contains a set of measures to address the worsening economic situation.
GRTU feels the text is a strong signal of the Commission's willingness to take decisive action against the deepening economic crisis. GRTU particularly appreciated the EC proposals for additional measures to secure access to finance for SMEs, to speed up the reduction of VAT rates for labour intensive services and to cut labour taxes at the low end of the wage scale.
GRTU was however less satisfied with the social chapter, which does not mention the consequences of downsizing in large enterprises for smaller service providers, suppliers and subcontractors. Restructuring support must also include SME employees and owners especially if based on EU funds.
