‘Economic growth fails to truly measure the population’s quality of life’: Malta Employers

Malta’s premier union of employers has announced that its national conference for 2021 will take the theme of ‘Balancing Sustainable Economic Growth with Quality of Life’.

In a statement released on Wednesday, the Malta Employers’ Association said that economic growth on its own fails to measure the population’s quality of life.

It pointed out that the sociological and psychological effects of economic growth can have a significant impact on a person’s perception of their quality of life.

The MEA acknowledged that Malta’s economic growth in pre-pandemic days had been significant, and since accession into the European Union, the country has not only topped growth charts but quickly converged towards and above the European average.

“However,” it continued, “economists and social experts alike have in recent years argued that GDP merely measures the size of a nation’s economy and does not reflect a nation’s welfare.”

The MEA will therefore be tackling these issues in a national conference on 18th June 2021.

Due to ongoing social restrictions, this event will be held virtually.

Commenting on the launch of this event, MEA Director-General Joseph Farrugia said: “This discussion comes at an important juncture of the Maltese economy as its gears up for its regeneration process as the country comes out of a pandemic which had a devastating impact on society, families and businesses alike.”

“In parallel,” he said, “2021 happens to coincide with one of the largest multi-annual budgets ever allocated by the European Union, together with additional post-pandemic assistance, thereby providing the perfect opportunity to target funding support in relation to the direction the country intends to take in the years ahead.”

In line with recent MEA webinars on related matters, an audience with more than 250 delegates are expected to participate in this forthcoming conference.

Speakers will feature Prime Minister Robert Abela and Leader of the Opposition Bernard Grech, together with a number of economists, academics, and other thought leaders.

The audience is expected to be composed of people from diverse backgrounds, including policymakers, economic experts, company directors, HR professionals, NGO representatives, academics, and members of the general public.

The MEA said that it will follow up on the event with a comprehensive position paper based on the proceedings and feedback emerging from the conference, in order to draw tangible conclusions and action.

The event is being supported by EY, APS Bank plc, and Atlas Insurance.

Registrations are open through this link.