This week the local press reported on the research carried out by the magazine International Living on the quality of life in 195 countries. This magazine has been producing this research report for the last 30 years and as such has a well-established methodology.
Obviously when such reports are published, one inevitably makes comparisons and comparisons are known to be odious. On the other hand, such reports do give an insight of how a country is performing against set benchmarks, and one can, therefore, draw conclusions. In this regard the research is critical as it seeks to identify the best locations where to retire, to visit, to invest in and to live in.
Most Maltese, irrespective of what some may think, consider themselves European and have chosen to be members of the EU. They cherish this membership greatly and would not allow anyone to tamper with it. This means that their expectations are at par with what is considered to be a European standard. In this regard there is no doubt that Malta performs well, having been given an 11 th placing. This is the same position as that given to two other EU member states, namely Austria and Belgium and that given to three advanced countries, namely Japan, Norway and Canada. Malta performed better than four other EU member states, namely Denmark, Sweden, Finland and the UK, apart from placing better than the other nine states that joined the EU in 2004.
Quality of life was measured through a number of indicators - cost of living, entertainment, the economy, the environment, health, freedom, infrastructure, security and climate. Of these nine indicators, one is certainly outside our control - climate. However, the other eight indicators are well within our control and have a direct impact on the performance of the economy. Scoring low on any of these items scares away investors and tourists. We should therefore not take these results lightly, especially since in my opinion they tend to prove one point - we are reaping the benefits of EU membership and we should do our utmost to continue doing so. Turning to specific indicators, Malta obtained maximum points for security and freedom. Malta also scored well with regard to health and the environment. It is in the case of infrastructure where Malta performed least well. Maybe we are starting to get used to the good news, as in the meantime the EU upgraded our economic performance for last year. The growth in the gross domestic product was raised to 4.5 per cent from the original estimate. The increase in the number of tourist arrivals for this winter has continued, making it one of the best winters ever for the tourism industry.
We also had the results of the research conducted by the Union Ħaddiema Magħqudin on the impact of the euro on prices. The research showed that the prices of most everyday products remained stable between December and January as Malta switched over to the euro. Only eight per cent of the 202 products under review registered an increase in price. For good measure, we had the announcement, also this week, of an Indian pharmaceutical company that it shall be investing €10 million in Malta and generating 120 jobs.
These good news may give one the feeling that we have got there. Yes, we do compare well with other countries, but we have not got there yet. The threat of an international economic slowdown is ever present and should never be taken too lightly. Competition is bound to hit back. And there is always the internal threat of a change in policy direction. Today we are enjoying the benefits of stability in economic and social policy, coupled with a single purpose of integrating evermore within the EU. We can only continue enjoying these benefits if this stability persists. Experimenting with economic and social policies is like playing with fire!