According to the Association of European Chambers of Commerce and Industry (Eurochambres), although business sentiment in Malta in 2009 took a deep dive because of the global economic situation, the mood for 2010 is ‘more sober’ and although the mood in nowhere near that recorded in recent years ‘the business sentiment will turn positive for next year’.

The report said: ‘Turnover, sales locally and abroad, employment and investment are seen growing on balance. They are comparatively modest in terms of those projected last year, but in the circumstances this fact is encouraging. It means that business is taking stock, re-considered its expectations, but seems prepared to resume moving forward.

‘Given that the mood at present is very much contained, it could well be that businesses are ‘sober’ in reviewing their plans for 2010, and therefore, their envisages value for turnover, sales, employment and capital growth in 2010 are shorn of enthusiastic euphoria that is usually boosted by buoyant entrepreneurial spirits.’

Arnaldo Abruzzini, secretary general of Eurochambres, said: “Businesses are afraid to invest. They don’t seen domestic sales growing, they suffer from unfavourable exchange rates which hamper their exports and, as a result, they are unwilling to invest and to employ. It is premature to say in light of these facts that the worse is already behind us.”