Chamber of Commerce director Carlo Thelen presented the report with a plea for the government to adopt a qualitative model rather than basing the project on quantitative growth. The report evaluated the budget's short-term plans as very good, but highlighted this was insufficient.
Specifically, the report proposes that the government take 1% of the GDP current expenses and add this towards investments, as well as create a national committee for open investments.
The economic situation in Luxembourg may be good now, but the Chamber of Commerce believes there is nowhere near enough planning for the future. The quantitative growth that the government's model depends on means it would become more difficult to recruit from abroad, as well as make life more expensive for the elderly. Broadly, the Chamber of Commerce estimates that the budget project raises more questions than it answers.
Chamber of Employees ponders if Luxembourg is living below its meansOne issue highlighted by Thelen is that some of the revenue brought in in 2019 will not be repeated, such as the revenue brought in by the obligatory electronic tax declarations. Thelen also deplored that the government has not added considerations for the planned fiscal reform or climate pact to its 2020 budget. As he explained, it will not be clear what the impact on revenue will be due to these changes.
Whilst the Chamber of Commerce praised the increase in investments, there needs to be more invested and that the government should take 640 million (or 1% the GDP) away from expenses to earmark towards investing.
