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Malta Praised As One Of Five Countries With ‘Widespread Access’ To Healthcare In World Economic Forum Report

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Malta was praised as one of five economies that allow relatively widespread access to healthcare, according to a World Economic Forum report that calls for countries to seize the moment and green their economies.

The other countries singled out for their healthcare access were Japan, Spain, Taiwan and the Netherlands. According to the report, countries with robust healthcare, digital economies and strong social safety nets have better managed the impact of the Covid-19 pandemic on their economies and citizens.

The WEF’s Global Competitiveness report will be discussed during tomorrow’s virtual business breakfast hosted by Lovin Malta and sponsored by GO Business. Speakers include Energy Minister Miriam Dalli, PN Outreach President Ivan Bartolo and economist Marie Briguglio, among others.

The WEF report had strong words for policymakers, as it called for greener economies, digital transformation and future-ready education to help economies recover from the pandemic.

“The World Economic Forum has long encouraged policymakers to broaden their focus beyond short-term growth to long-term prosperity. This Report makes clear the priorities for making economies more productive, sustainable and inclusive as we emerge from the crisis. The stakes for transforming our economic systems simply could not be higher,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

“During this time of profound uncertainty, the health crisis and economic downturn have forced a fundamental rethink of growth and its relationship to outcomes for people and planet,” said Saadia Zahidi, Managing Director, World Economic Forum.

The report recommends that governments prioritize improving public service delivery, plan for managing public debt and expand digitization. In the longer term, more progressive taxation, and upgrading utilities and building greener infrastructure are recommended.

It also advocates a gradual transition from furlough schemes to a combination of proactive investments in new labour market opportunities, a scaling-up of reskilling and upskilling programmes, and safety nets to help drive the recovery. In the longer term, leaders should work to update education curricula, reform labour laws and improve the use of new talent-management technologies.

While financial systems have become significantly more stable since the last financial crisis, they need to be more inclusive. The report recommends introducing financial incentives for companies to engage in sustainable and inclusive investments, while updating competition and anti-trust frameworks.

Although entrepreneurial culture has flourished in the past decade, the creation of new firms, breakthrough technologies and products and services that deploy these technologies has stalled. The report recommends that countries expand public investment in R&D while encouraging it in the private sector. In the longer term, countries should support the creation of “markets of tomorrow” and motivate firms to embrace diversity to enhance creativity and market relevance.

The transition to a greener and more inclusive economy must be underpinned by significant investments in infrastructure, including an expansion of digital networks. Denmark, Estonia, Finland and the Netherlands are currently best prepared to do this.

Greening the economy will require upgrading energy infrastructure, transport networks and commitments from both the public and private sectors to extend and respect multilateral agreements on environmental protection. Denmark, Estonia, Finland and the Netherlands are best prepared to drive economic transformation through infrastructure. Less prepared countries include Russia, Indonesia, Turkey and South Africa.

Increasing incentives to direct financial resources towards long-term investments in the real economy can strengthen stability and expand inclusion. Finland, Sweden, New Zealand and Austria are relatively better prepared than other advanced economies, while the United States, currently the largest financial centre in the world, is among the least ready.

Shifting to more progressive taxation systems emerges as a key driver of economic transformation. On this measure, the Republic of Korea, Japan, Australia and South Africa score highest, thanks to relatively well-balanced and progressive tax structures.

Future-ready education, labour laws and income support should be better integrated to expand the social protection floor. Germany, Denmark, Switzerland and the United Kingdom are relatively better prepared than others to combine adequate labour protection with new safety net models. South Africa, India, Greece and Turkey are less prepared.

Incentivizing and expanding patient investments in research, innovation and invention can create new “markets of tomorrow” and drive growth. Finland, Japan, the United States, Republic of Korea, and Sweden emerge as better prepared to create the markets of tomorrow, while Greece, Mexico, Turkey and the Slovak Republic are less well prepared.

Due to the Covid-19 fallout, the World Economic Forum’s Global Competitiveness Index rankings have been suspended for 2020. The 2021 edition will see a return to benchmarking, providing a refreshed framework to guide future economic growth. This year’s special edition outlines priorities for recovery and revival, assesses the features that helped countries be more effective in managing the pandemic, and provides an analysis of which countries are best poised for an economic transformation towards systems that combine “productivity”, “people” and “planet” targets.

Join us tomorrow to discuss the report’s findings and Malta’s competitiveness during a virtual business breakfast titled Malta’s Competitive Edge streamed live at 10am on Lovin Malta’s Facebook page from Iniala Harbour House, Valletta. Panelists include CHSMC director Bernie Mizzi, AP architect David Felice, Engels & Völkers CEO Benji Tabone Grech, GoTo COO Liana Cremona and Chiliz founder Alex Dreyfus. Follow the event here.

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Christian is an award-winning journalist and entrepreneur who founded Lovin Malta, a new media company dedicated to creating positive impact in society. He is passionate about justice, public finances and finding ways to build a better future.

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