Lawrence Zammit, Founding Partner and Director at misco, has stated that local businesses are demanding action to be taken against a number of issues, including lack of good governance, corruption, and overpopulation.
He was speaking during the presentation of the Malta Chamber of SMEs’ latest barometer, focusing on the second quarter of 2024. The barometer surveyed 372 unique businesses through online submissions between 5th and 15th July 2024, with a margin of error amounting to 4.9 per cent.
Maltese business management consultancy firm misco was commissioned by the SME Chamber to carry out and analyse the results of the barometer.
79 per cent of businesses surveyed said that Malta is moving in the wrong direction, compared with the 76 per cent in the previous quarter. In contrast, just 21 per cent of businesses surveyed approve of the direction Malta is taking.
Mr Zammit, together with SME Chamber CEO Abigail Agius Mamo, President Paul Abela, and Deputy President Philip Fenech, stated that the belief that Malta is heading in the wrong direction could be linked to the greatest concerns troubling individuals and businesses.
Lack of good governance and the level of corruption were identified by businesses as the two biggest issues that Malta is facing, followed by overpopulation.
Mr Zammit stated that “the business sector is crying out for action to be taken” when it comes to the aforementioned issues.
On the issues worst impacting the country, 39 per cent selected a lack of good governance in Q2 2024, compared with 33 per cent in the previous quarter. As for the level of corruption, 36 per cent cited this as a top issue, compared with 26 per cent in Q1 2024. On overpopulation, this too saw an increase in concern, going from 31 per cent in Q1 2024 to around 34 per cent in Q2 2024.
The top five issues cited also include inflation and safeguarding Malta’s quality of life. On this note, Mr Zammit added that “these are all indications of a sense of malaise in the country, a sense of discomfort.”
Furthermore, he affirmed that these issues need to be tackled in “an intelligent way.”
On her part, Ms Agius Mamo stressed that the issue of corruption and good governance is a “never-ending story,” with many scandals not yet tackled in the courts.
“Things constantly come out in the media, and it is clear from the survey results that local businesses want to live in a country with a good reputation,” she continued.
Among the SME Chamber’s recommendations, it called on Government to focus on regaining trust in the economy and to build a positive business sentiment in general. It also stated that comprehensive strategies need to be developed to address overpopulation, including urban planning initiatives, investment in infrastructure, and measures to promote sustainable development and balance demographic growth.
Featured Image:
misco Director Lawrence Zammit
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