Slowdown on the horizon means Malta has to curb construction, PD warns

Malta needs to moderate its growth by shrinking the construction sector because it is building more than we need tomorrow, says PD candidate

PD candidate Anthony Buttigieg
PD candidate Anthony Buttigieg

Malta needs to shrink its construction sector to avoid a market crash, the Democratic Party has claimed. 

The PD’s candidate for Europe Anthony Buttigieg said Malta will face an oversupply problem in the face of a major European economic crisis.

“Malta needs to moderate its growth by shrinking the construction sector because it is building more than we need tomorrow on the basis of positive market signals shown yesterday. and we need to orientate our economy to compete in knowledge economy,” Buttigieg said. 

“The Partit Demokratiku is calling for a sustainable economy that is competitive, ethical and addresses the social contract so that our quality of life will not be decent in the short-term but guaranteed for prosperity.” 

In a statement the PD said that eurozone economy had grown uninterruptedly for six years, but economic forecasts are now indicating that a slowdown was approaching. 

The Economic Commission has also revised the rate of growth for 2019 from 1.9% to 1.2%. 

“These uncertainties come as a consequence of a trade war between the United States and China, poor economic growth of some of Eurozone’s major players, the debt situation of the lower economic group in the eurozone, political unrest as in the case of Brexit or protests in France, and because of the dubious reactions to tax and product regulations by mega European companies,” PD MP Godfrey Farrugia, also an MEP candidate said.

“It is hoped that these effects will not make Malta’s economy head for a major crisis. The antidote is a collective effort to have our economy based on values and not volumes,” Farrugia said.

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