Minister of Finance Ibrahim Ameer has stated the Maldives is among the fastest recovering countries from the economic impact of the COVID-19 pandemic, as per the data shared by the International Monetary Fund (IMF).
Speaking at an online seminar held by the Maldives Policy Advocacy Courses (MPAC), Finance Minister Ameer noted the Gross Domestic Product (GDP) of the Maldives had gone down by 32% in 2020 due to the pandemic, with income falling to just USD 900 million for the year instead of the projected USD 1.94 billion. The minister noted the government imposed some quick measures to reduce the impact on the Maldives, adding the situation could have been much worse if the measures were not implemented in time. Highlighting the fast recovery of the economy, the minister said the economy is expected to fully recover to pre-pandemic levels by early 2023.
Speaking further, the finance minister highlighted the increasing number of tourist arrivals in the country, noting an average of 4,000 tourist arrivals are currently recorded on a daily basis. He also highlighted the numerous assistance the Maldives is receiving from international bodies to recover from COVID-19, which has helped the government to disburse assistance to a wide range of businesses including Small and Medium Enterprises (SMEs).
Speaking at the seminar, the finance minister also spoke about the government’s vision and plan to broaden the country’s economy. As such, he highlighted the plans for the development of an international port in Gulhifalhu, introduction of new types of tourism to the Maldives and projects to boost the benefits from fisheries and agriculture.