Muscat dismisses ‘doomsday scenarios’ for construction industry

Prime Minister Joseph Muscat on Sunday dismissed the “doomsday scenarios” being bandied around about the fate of the construction industry. Speaking during a political activity in Msida, Dr Muscat said there were three firewalls in place to prevent such scenarios. He said the first firewall was the investors themselves, who would always place their money where they could get maximum returns. Dr Muscat said the banks served as the second firewall, as they would not lend money to such investors if they thought the project would not be a success. He said the final firewall was the government itself. 

The Prime Minister pointed towards the government’s month long suspension of the industry this summer, which came about after a spate of business collapses. Dr Muscat reiterated that the main problem in the industry was greed. He said respect was of utmost importance, and everyone expected to get a fair deal. Challenges of economic growth

The Prime Minister also delved into the challenges being faced in managing economic growth. He said the challenges being faced now were different from those of 10 years ago, when the main problem was finding work. Dr Muscat said the main...