For Dr Stephanie Vella, co-founder and Executive Director of ECubed Consultants, two main lessons must be drawn from the unprecedented shock created by COVID-19: resilience and sustainability.

Dr Vella penned an opinion piece in the May edition of The Malta Business Observer, and as an economist by profession – having worked on projects for major institutions such as the Commonwealth and the European Commission – she stressed the importance of future policy being shaped with resilience in mind.

“Resilience has always underpinned Malta’s economy. Due to our small size, and our island status, we have always been exposed to shocks beyond our control,” she wrote.

“As a result, we’ve built an economy which has transformed over the years – from manufacturing, to tourism to financial services among others – in a bid to adapt to changing circumstances.

“But, today, with the onset of COVID-19, we realise that, no matter how much we plan, unexpected shocks are bound to occur.”

Dr Vella emphasised that the pandemic is not the first or last global shock to rock the economy, “with international observers predicting that the incidence of shocks is likely to increase”.

With this in mind, she called for the country to continue building its resilience and “make effective use of this time to reinvent ourselves in a sustainable manner”.

“We must look into developing sectors that can make use of the digital transformation as there is no doubt that this transformation will shape the development of economies in the foreseeable future.

“This includes the development of sectors such as fintech services, IT and advanced manufacturing. It also entails questioning how these changes can benefit sectors on which we have been traditionally dependent, such as tourism.”

Dr Vella argued that tourism may be supported and enhanced through virtual and augmented experiences, “possibly attracting higher spending niches, and paving the way for the effective management of tourism capacity”.

In all these choices we cannot lose sight of the fact that the pursuit of resilience must also feature sustainability, she wrote.

The second lesson, according to Dr Vella, is that “it is possible to adopt more sustainable production and consumption choices”.

Indeed, she stresses that there are important lessons to be learnt from this crisis that should not fall by the wayside.

“For instance, it is becoming increasingly evident that frequent business travel can be minimised as meetings can be held online.

“Likewise, remote working can be effective and can lead to productive outcomes. There are wider benefits which are reaped through the adoption of these approaches including less travel and less emissions, as well as savings in time leading to more satisfactory use of our restricted time.”

Dr Vella pointed towards more sustainable consumption choices, saying that in a relatively short space of time, several firms invested in digital platforms to secure survival. “This has let to a surge in online shopping, including delivery services.”

“We have come to appreciate the value of local production such as the case for agricultural products and food security. The benefits of these consumption choices are also wide in nature including positive environmental implications due to less people travelling and goods transported over shorter distances.

“Sustaining these choices, successfully addressing challenges and tapping into opportunities, is however not guaranteed and collective effort is required to ensure that we do not resort to autopilot when the impact of the pandemic eases. A concerted effort is required from social and civil stakeholders as well as government to adapt to this new reality, maintain the momentum and ensure sustainability in a post-COVID period.”

Dr Stephanie Vella is co-founder and Executive Director of ECubed Consultants. She is a graduate of the University of Malta, and completed her postgraduate degree in 2018. As an economic consultant, she has worked on a number of projects and consultancy assignments with institutions including the EU Commission, Commonwealth Secretariat, Government ministries, authorities and private sector entities.