Period of economic rebuilding that lies ahead

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 Monday, May 4, 2020 - 10:09
Period of economic rebuilding that lies ahead

by Leader of the Opposition Keith Azopardi:

In marking May Day this year it is important to reflect on the period of economic rebuilding that lies ahead. There is no getting away from the COVID19 crisis at this time. This has permeated all levels of our global society. It has sent a human and economic shockwave around the globe. It has put world economies and entire workforces into paralysis.

Already we have seen massive pressure on business and with that fall in customers and income there will equally be pressure on employees. This is an undeniable reality and it will get worse before it gets better.

This economic shock will cause unprecedented hard times and we must all be ready to play our part in our recovery. We have been working with Government on the economic measures to manage this COVID crisis. These will need to be radical and span some time to have the effect of both stabilising the economy and jump-starting it.

Beyond the immediate steps we have already taken through the BEAT initiatives we must now in further phases roll out clear, targeted and wise economic assistance to regenerate our economy.

But whatever economic measures we take the reality is that it cannot insulate us completely especially given that the “new normal” means that we are unlikely to return to how things were anytime fast.

We cannot put ourselves in an economic bubble that protects us completely because that would simply be unaffordable. As aspects of the economy crash inevitably there will be real challenges ahead for business and employees and economic consequences for some families.

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