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FAINT CHINKS OF LIGHT ARE STARTING TO APPEAR
It is fair to say that the last twelve months have been pretty torrid for most.
No one individual, least of all any government, foresaw the rise of the looming
pandemic caused by the COVID-19 virus or the momentous effect it would have
on individual countries’ health systems around the world. Similarly, no-one
could possibly have foreseen the dire economic effects the pandemic would
have on economies and companies, both big and small.
What is just as remarkable is that the global economy has pulled through, more
or less, in spite of the varied responses by individual governments to deal with
the health crisis on the one hand and the economic crisis on the other.
As we look back in the rear-view mirror on 2020, there are many lessons which
we can all learn, but perhaps the central one is the huge and effective power
which can be brought to bear by working together, instead of being at odds
with each other.
Twelve months ago most of the focus of business in Gibraltar, as well as
elsewhere in Europe, was the likely impact of Brexit. Many local companies
had put in place measures which they hoped would mitigate any adverse
impact of our departure from the EU. Other companies likewise wanted to
put measures in place, but were unable to do so as their strategies depended
on what agreement was struck between the governments of the UK, Gibraltar,
Spain and the European Commission.
The speed with which attention was turned to dealing with the growing health
crisis as the virus spread was unprecedented in peacetime Europe. Committed,
organised and decisive action was taken in Gibraltar by the Government and
its various ministries and agencies. The daily habit of checking the number of
cases made for a grim and for some, deeply tragic, recognition that Gibraltar
had not been spared.
As the year draws to a close, attention turns once more, but with added urgency
to finalising an agreement on Brexit. The prolonged uncertainty has proved
wearisome for employers as well as their employees, not just governments
because so much hangs on the outcome.
The COVID crisis has shown how effectively governments and companies
can work when presented with clear objectives. The various pharmaceutical
companies which have worked tirelessly to develop an effective vaccine to
the virus in record time are a shining example of how the collective power of
human ingenuity can overcome even the most formidable of threats. In the
next few months the vaccine will have been given to frontline health workers
and to the most vulnerable, just as it should. As doses are given out to the wider
population in each country, people will regain the confidence and freedom to
circulate and travel once more.
In parallel, the new US administration is likely to pursue a less transactional
approach to trade reforms. It is likely to retain its tough stance but at least there
will be a more coherent policy in place of the last four years. This will help to
give added certainty to the international trading environment.
As we go to press, there is still no news on the Brexit front. Doubtless there will
be unforeseen difficulties in the year ahead. But we can move forward with
renewed confidence that no matter what transpires, Gibraltar is strong enough,
smart enough and resilient enough to deal with any barriers or threats that we
face, provided that we do so together