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Maldivian economy is on the road to recovery: World Bank

The World Bank’s Country Director for the Maldives Faris Hadad-Zervos has stated the Maldivian economy is on the road to recovery from the devastating impact of the COVID-19 pandemic.

The country director made the remarks after completing his visit to the Maldives as part of the World Bank’s continued engagement to support the Maldives’ efforts to build back better from the health and economic impact of COVID-19.

In his remarks, the director said progressive measures and adherence to guidelines has helped the tourism sector achieve a strong rebound since late last year. He noted the country’s economy now on the road to recovery, adding the Maldives can achieve a greener and more resilient growth and development that benefits all Maldivians through active management of its macro-fiscal situation and debt vulnerabilities.

The World Bank had also highlighted the progress made by the Maldives in recovering from the pandemic in the latest World Bank Maldives Development Update: A Digital Dawn report, which was released on April 15. The update analyzed the devastating effect of the pandemic on the Maldivian economy, which saw a year-over-year contraction of nearly 30 percent in 2020. The report noted real GDP is expected to grow by 17.1 percent in 2021, thanks to a strong recovery in tourist arrivals and continued investments in tourist facilities. The report also highlighted how digital technologies can be game changers for Maldives’ growth and development.