President Ibrahim Mohamed Solih has stated the administration aims to create a cohesive and vibrant domestic economy. He made the announcement while delivering the Presidential Address at the Parliament of the Maldives.
In his address, President Solih highlighted any future economic downturn has been minimised with the changes brought to maintain the economy intact. Emphasising the economic growth, the president stated the World Bank initially forecast the economy of the Maldives to grow by 7.6% in 2022 but had revised the growth forecast to 12.3% by the end of the year. He added that the state collected USD226 million as income in January 2023.
Furthermore, President Solih said the global economy was hit hard by COVID-19, however, the government took the necessary measures to be vigilant. He said the past three years have been the most economically challenging in the history of the country, noting the global pandemic of COVID-19 brought the economy to a halt.
Meanwhile, international financial institutions have also lauded the economic progress of Maldives despite the challenges faced by the pandemic.