In this video blog, Minister for Finance Prof. Edward Scicluna discusses the role of the private sector when it comes to the generation of employment, as this sector is the driving force behind the creation of quality employment and economic growth.

Minister Scicluna underlines that the Labour Government is a pro-business government which believes in the leading role of the private sector in the journey towards economic growth. He notes that while the Government, through the public service, provides services fundamental to the running of a just and stable society such as security, justice, education, and healthcare, it is from the private sector that other activities conducive to economic growth emerge.

Among others, Prof. Scicluna explains, these include the prosperous sectors of tourism, manufacturing, financial services, igaming, banking, insurance, and other services. Prof. Scicluna notes with satisfaction the manner in which the economy managed to create as many as 5,000 new places of employment over the past year. He notes that out of these 5,000 as many as 4,000 – or four out of five – were created by the private sector.

The 1,000 jobs which were created in the public sector were due to the manner in which the public sector had to refine and expand its services to keep up with the expansion in the private sector, Prof. Scicluna explains.

He underlines that despite this, public sector employment as a share of the overall labour force remained constant, meaning that public sector employment has remained under control.

Prof. Scicluna explains that the Government remains determined to ensure that public employment decreases gradually so as to decrease the tax burden it places on the country, and facilities job creation by the private sector.

– 18th Sept 2014