A two-page report published by the Commerce Division outlining the economic performance of Sabia and Verona in 2019 has revealed a major reversal of the Liberal administrations’ efforts to cultivate private investment in the Kingdom. According to the report, elaborated and published by Commerce Secretary Snø Jens-Galieri, over 95% of Sabia and Verona’s economy in 2019 accounted to government spending, most of which itself came from public debt.
The report caused immediate outcry from the Liberal opposition. The Opposition’s parliamentary spokesman for the economy, Emmanuel Starlynn, criticized the government for failing to maintain the previous administration’s efforts and turning the Kingdom into an “economic backwater the likes of which we have not seen since the rule of the Sahoedang”. The spokesman, who was commerce secretary under former PMs Noa Dargany and Andrew Blackhorse, also commented that he did not appreciate the slide calling him “idiot” that Jens-Galieri showed in his presentation.
The Secretary did not seem particularly bothered as he delivered the report in his early morning conference in Alios. In his own words, the state of the Kingdom’s economic indexes is following the government’s blueprint. “None of the current markers fall outside the projections we included in Democratic manifesto ahead of the 2019 election. The shrinking of the private sector was a foreseeable result for a Democratic government.” After being questioned on this by a reporter, the Secretary jokingly replied “you cannot expect pig policies from a bear”, referring to Mr. Starlynn.
According to the report, the government’s single largest moneylender is the Royal House of Karjasari, which has kept its position as the main investor both in public and private sectors since the foundation of Sabia and Verona. To Jens-Galieri, the matter of the government’s borrowing is a non-issue.
“The Royal Household’s position in the Sabioveronese economy was only ever a problem for the Land Army in 2013 and no one has raised concerns about it ever since,” said the Secretary, referring to the socialist-driven coup attempt led by Napoléon Bleuberrie in 2013.
Regardless of the source of economic growth, the figures for 2019 show overall growth in the Sabioveronese economy. According to the report, the EPI (Economic Potential Index) score jumped from 1.6 in 2016 to 2.7 in 2019, and the Categoric-Gradial System of Classification score grew from 3.4 in 2017 to 4.2 last year. Jens-Galieri was cautious in assigning responsibility for the overall growth, saying the increase in spending may be a result of the ongoing inflationary crisis in Argentina.