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National Education Strategy places focus on the individual, minister says: Education Minister Clifton Grima has introduced a revolutionary education strategy, emphasising a people-centric approach for sector transformation. Focused on students, educators, and parents, the strategy aims to maximise their potential through increased support and tools. Grima inaugurated public consultation meetings on the National Strategy for Education 2024-2030 at the Maltese Council for Arts, Science, and Technology. Noteworthy for its holistic nature, the strategy integrates prior proposals and extends its vision beyond 2040. Uniquely, it deviates from conventional methods, having originated through grassroots involvement in over 200 consultations with educators, students, and parents. Grima envisions this as an inclusive and pioneering initiative, marking a transformative milestone in the education sector.
Number of licensed vehicles edges closer to 450,000 – NSO: In Q4 2023, licensed motor vehicles saw a rise of 2,560 compared to the previous quarter, reported by the NSO on Friday. By the end of December 2023, the total count reached 438,567. Passenger cars constituted 73.8%, commercial and agricultural vehicles 14.2%, and motorcycles/E-bikes/PA-bikes, E-kick scooters, quadricycles, and ATVs made up 11.4%. Buses and minibuses were less than one percent. The quarterly increase averaged 28 motor vehicles per day. This data offers insights into the growth and composition of the licensed motor vehicle inventory during Q4 2023.
COVID wage supplement exposed extent of Malta shadow economy: Malta’s black economy gained prominence during the COVID-19 pandemic, particularly within the tourism sector, where many workers couldn’t access government wage supplements. The National Risk Assessment (NRA), released in December 2023 by the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism, highlighted this issue. A study by the Central Bank, using currency demand and multiple indicators multiple causes methods, estimated the underground economy to be 15.3% to 23.6% of Malta’s GDP, ranging from €3.9 billion to €6.1 billion. In 2021, a notable GDP growth coincided with a decline in employment growth, suggesting a potential shift towards the informal economy before wage supplement measures were implemented, as noted by the NRA.
Morning Briefing
SME Chamber calls for 3% cut in VAT to address inflation
The Malta Chamber of Small and Medium Businesses has called for a decrease in the VAT rate from 18 to 15 percent across all goods and services as an effective measure to address inflation. Abigail Mamo, the Chamber’s CEO, highlighted that a survey among businesses underscored inflation as their primary concern. Mamo contended that lowering the VAT rate would contribute to price stability without compromising revenue. Additionally, she argued that reducing taxes for businesses would promote fair competition among enterprises in Malta. (The Malta Independent)
Survey shows 40% of businesses experienced a drop in profitability
A quarterly survey revealed that over 25% of businesses experienced a decline in sales last year, with 40% indicating a decrease in profitability. Nearly 30% of respondents reported unchanged sales, while the remaining businesses reported sales growth ranging from 10 to 30%, as per the survey findings. The survey, which involved nearly 300 businesses, reflected diverse sizes among respondents. Questioned as to what they thought had led to a decrease in sales, most businesses mentioned a drop in customer spending power, increased competition, inflation, illicit trading and global uncertainty. They also complained that construction and infrastructural work in their area had negatively affected their business. (Times of Malta)
Muscat non-committal on politics return
Former Prime Minister Joseph Muscat has not reached a final decision regarding a potential comeback to politics by running for a seat in the European Parliament. In an interview with Karl Bonaci on Fliving, Muscat expressed the complexity of the decision-making process, citing factors such as the maturing of his daughters, his private practice commitments, and his father’s battle with cancer. Muscat emphasized the need for thoughtful consideration given these significant aspects before making any conclusive choices. (Maltatoday)
