Joseph Muscat (see picture) last week was present at a late Friday’s night meeting at Castille to present a post-COVID recovery plan to his former legal consultant (now Prime Minister). This plan includes a suite of measures described as “a mini-budget” that if adopted in its entirety can be rolled out in stages over the coming months.
Many were curious to know the content of this silver bullet which potentially could save us from the pangs of a dreadful pandemic. The plan is rolled out on the basis of four scenarios and gives a prognosis that is well structured. In any case, among other things, the bearer of the Invictus tattoo is also advising Castille to announce a tax holiday on property sales and purchases intended to stimulate the housing market. On a positive note, Muscat’s report predicts that the Maltese economy will go back into positive territory “in all four” scenarios.
As can be expected, in the relapse scenario there will be no recovery by 2021 from the loss suffered this year. This is a sober destiny for a small island, which under the baton of Joseph Muscat up to last Christmas, was hailed as the best-performing economy in the Eurozone. So, do we need Muscat’s magic touch to rekindle our fortunes, once a vaccine is produced and be accessible globally?