Opposition Leader Alex Borg endorsed The Malta Chamber of Commerce’s call for a new economic model during a meeting with business leaders this morning, agreeing that Malta should measure success through productivity and quality of life rather than economic growth alone.
Opening the meeting, Malta Chamber President William Spiteri Bailey said the organisation meets both government and opposition because “a country’s credibility does not depend solely on the Government of today” but also on having “an Opposition that is prepared to govern tomorrow.”
He said businesses are no longer interested in hearing only about problems, but want concrete solutions.
“Businesses do not invest in criticism. They invest in certainty. They invest in direction. They invest in confidence,” Spiteri Bailey said, challenging the Opposition to explain what kind of Malta it wants to lead.
The Chamber argued that while Malta’s economy has grown, it has also brought challenges including traffic, energy, infrastructure, governance, competitiveness and quality of life, describing them as symptoms of an economic model that “has reached its limits”.
It reiterated its call for Malta to move from a volume-based economy to a value-based one, from growth driven by population increases to growth driven by productivity, and from competing on price to competing on quality, innovation and efficiency.
According to the Chamber, economic success should no longer be measured solely by GDP or population figures, but also by productivity, competitiveness, wellbeing and quality of life.
Responding during the meeting, Borg said Gross Domestic Product (GDP) figures do not always provide a complete picture of how the economy and businesses are performing. He argued that Malta needs indicators that better reflect how much value is being created, whether wages are increasing and whether economic growth is genuinely improving people’s lives.
Borg referred to The Malta Chamber’s LEAD report, which he said shows that most of Malta’s Gross Value Added growth is being driven by population growth while productivity gains remain minimal.
“Malta cannot continue relying on population growth to expand its economy. We need an economy based on productivity, innovation and jobs that create greater value,” Borg said.
The meeting also covered electricity supply, with Borg saying Malta needs a more reliable energy system backed by investment in infrastructure and renewable energy.
Traffic congestion, artificial intelligence, manufacturing technologies and planning reform were also discussed. Borg called for the Local Plans to be reviewed so they better reflect present-day realities.
The Chamber also stressed that competitiveness depends on more than tax policy, arguing that Malta needs strong institutions, good governance, modern infrastructure, reliable energy, modern education and long-term planning to remain attractive for investment.
Concluding his address, Spiteri Bailey said the Chamber is not interested in partisan politics but in Malta’s long-term economic success, calling for leadership that places productivity, competitiveness, governance and quality of life at the centre of national policy.
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