Fitch Ratings has upgraded the Maldives’ credit rating, citing stability in the economy despite ongoing global challenges.
According to the agency, it expects stronger medium-term economic growth despite the global market turmoil, supported by growth in the tourism sector, new resort development investments, and improvements in tourism infrastructure.
The agency noted that although the economy may still face challenges in the short term due to global energy market shocks, transport constraints and unrest in the Middle East, the Maldives’ economy is projected to grow at around 4.5 percent through 2027. This growth will be linked to an increase in high-end international tourist arrivals, it noted.
The Ministry of Finance and Public Enterprises said the outlook reflects the resilience of the Maldives’ economy and tourism sector despite external pressures. Once the global economy stabilises, strategic investments in economic infrastructure, the tourism sector, and the transport system will pave the way for sustainable development, the ministry noted.
The ministry further noted that government plans to focus on encouraging private investment, strengthening economic capacity and resilience against economic shocks, and maintaining macroeconomic stability, as well as investing in infrastructure to support sustainable and inclusive growth.