Updated 1220
CBM expects growth to moderate but remaim robust
The Central Bank of Malta indicated that economic growth is expected to moderate but remain robust. According to the Bank’s latest forecasts, Malta’s gross domestic product (GDP) is projected to grow by 4.3% in 2024, with growth easing to 3.5% in both 2025 and 2026. The CBM noted that in 2023, growth was primarily driven by net exports, while domestic demand is anticipated to be the main driver of growth in 2024. Private consumption growth continues at a brisk pace, and private investment is expected to gradually recover. Net exports are also projected to contribute positively, driven mainly by services exports. Growth in 2025 and 2026 is expected to continue to be led by domestic demand. (TVM)
Re-arraignment of Fearne, Scicluna postponed by a week
The re-arraignment of former Deputy Prime Minister Chris Fearne, Central Bank Governor Edward Scicluna, and others in the hospitals concession scandal has been postponed to next week. Originally scheduled for May 29, the proceedings were declared null after DF Advocates’ lawyers argued the firm had not been properly notified. The prosecution has requested Magistrate Leonard Caruana to reverse this decision, insisting that DF Advocates was represented in court by its Chief Financial Officer and senior partners. (The Malta Independent)
Joseph Muscat says he was just a ‘guest’ at Billionaire Club
Joseph Muscat maintained that he was merely “a guest” at an exclusive ‘billionaire’ club in Sardinia, where he was seen dining with a US celebrity watchmaker. The former PM appears in a video promoting the Billionaire Porto Cervo, which markets itself as a “multi-dimensional playground for the elite” featuring luxury dining and live performances. In the video, Muscat is seen dining with Jacob Arabo, a wealthy US jeweller who, in 2008, was imprisoned following a plea deal in a money laundering investigation. In response to questions on Monday afternoon, Muscat referred to Arabo as a “top entrepreneur” and explained that he had been seated next to him by chance at a business event at the club the previous year. (Times of Malta)
Morning Briefing
People still trust Labour, says PM
Robert Abela insisted that “people still trust the Labour Party” and dismissed reports that he would put his leadership to a confidence vote following the party’s reduced majority in the European Parliament elections. Speaking a day after Labour won the election by 8,400 votes over PN, Abela stated that the results are still a victory for the PL, while acknowledging the strong message from the electorate. Abela addressed reporters on Monday, following a meeting for Labour MPs and the executive held after the weekend’s election results. The prime minister denied seeking a vote of confidence on Monday night, despite earlier reports from multiple PL sources that Abela had planned a confidence vote by a show of hands. (Times of Malta)
Pollster blames undecided voters, last-week events for poll flop
Pollster Vincent Marmara blamed the high rate of undecided voters for skewing practically all polls which were published ahead of the European Parliament elections, which had suggested that the Labour Party was on track to win by a much bigger majority than it did. The surveys which were conducted and published in the week before the elections by MaltaToday, it-Torca and the Sunday Times had all, indeed, predicted a wider gap between the two parties, down from the 42,500 gap in 2019, but between 20,000 and 30,000 votes. Marmara in a Facebook post explained that he had used the same “reliable, scientific” models as he has in the past, but the rate of undecided voters marked at 18% in the run-up to the elections. He also referred to ‘certain events’ which took place after his polls, an indirect reference to the arraignment of former Prime Minister Joseph Muscat in the week before the elections. (The Malta Indepenent)
PN leader says party to offer alternative government to people
Leader of the Opposition Bernard Grech said that following the European Parliament election results, the PN’s next step is to offer an alternative government as desired by the people. In an interview on NET TV, Dr. Bernard Grech said this is the moment the Nationalist Party has been preparing for: to provide a government characterized by quality, justice, and liberty, where individuals can express themselves without harassment. Dr.Grech added that the European Parliament election results reflect the hard work and dedication of all those involved and their supporters, achieving the PN’s objectives. (TVM)
