Over the past decade, Malta’s economic trajectory has been marked by bold decisions, ambitious policies, and a mix of commendable achievements and significant challenges. When the Labour Party was elected to government in 2013, it came armed with a roadmap for economic growth. This roadmap included policies that undoubtedly propelled the economy forward but also exposed underlying vulnerabilities that warrant serious evaluation today.

One of the most controversial initiatives during this period was the sale of passports under the Individual Investor Programme (IIP). Marketed as an innovative economic niche, the reality was that it largely represented a quick-fix revenue stream. While it generated substantial funds in the short term, it failed to provide a sustainable economic foundation. The IIP was symptomatic of a broader approach focused on immediate gains, often at the expense of long-term planning.

Another trend that emerged during this period was a noticeable shift in the labour market dynamics. A general sentiment prevailed among private-sector employees who aspired to secure government jobs—whether in the public service, state entities, or through outsourcing contractors. This preference for perceived stability created a vacuum in the private sector, particularly in skilled and critical industries. The economy’s over-reliance on low-cost labour from third countries has further exacerbated this imbalance, raising questions about the sustainability and inclusivity of the economic model.

A notable policy introduced to boost female workforce participation was free childcare. While this initiative was instrumental in increasing the participation rate, it also brought about unintended consequences that demand reflection. Ten years on, Malta’s fertility rate has declined to concerning levels, prompting a broader conversation about the balance between economic policies and societal well-being. The rise of food delivery services is another telling indicator of how these changes have altered daily life. As more families find themselves pressed for time, traditional practices such as home-cooked meals have given way to convenience-driven alternatives, often at the expense of health and quality family time.

The question now is whether the rapid economic growth of the past decade has truly benefited Maltese society. While the GDP has grown and employment figures appear robust, the distribution of wealth and the quality of life for the average citizen tell a more nuanced story. Are parents being adequately supported to raise their children, or has childcare become a substitute for shared familial responsibility? Has the pursuit of economic expansion come at the cost of values that underpin a healthy and cohesive society?

It is clear that even policies with apparent positives must be revisited and evaluated through a long-term lens. Economic growth should not be measured solely by the size of the pie but by the size of the slice reaching each individual. A larger economic cake does not guarantee that everyone receives a fair share. The ultimate benchmark for success should be not only the wealth generated but also how that wealth is distributed and how it enhances the quality of life for all citizens.

As Malta looks to the future, it must address these pressing questions with honesty and courage. A sustainable economic model must prioritize not only immediate gains but also the social and environmental dimensions of growth. Policymakers must strike a balance between supporting workforce participation and fostering a society where families can thrive. Ultimately, the true measure of progress lies in creating an economy that serves the people, not the other way around.