World Bank Group has revealed Maldives will see a Gross Domestic Product (GDP) growth of 5.6% next year.
Regional Economic Outlook of World Bank indicates the economic growth to remain at 5.2% until the end of the year, although it was initially forecasted to stay at 5.7%. Economic growth slowed due a decline in the construction sector after the completion of Sina-Male' Bridge and Velana International Airport (VIA).
However, the planned investments of the government to develop new infrastructure and the development of the tourism sector will see a GDP growth of 5.6%, According to the Regional Economic Outlook. World Bank initially forecasted a growth of 5.2% next year.
Maldives Monetary Authority (MMA) had earlier forecasted a decline in economic growth this year. The decline is expected as the mega development projects had been completed, and the construction industry was expected to see a slower growth as compared to last year.
International organisations have previously revealed the world economy will also see a slower growth due to various trade frictions between nations and civil disobedience in many countries.