Minister of Finance Ibrahim Ameer has stated the economy of the Maldives will return to pre-pandemic levels next year. He made the remark while submitting the proposed State Budget 2023 at the Parliament of the Maldives.
Speaking at the Parliament, Minister Ameer said the government is basing its economic policies on the changes to the global economy. He noted that the initial efforts focused on overcoming the negative impact of the COVID-19 pandemic in 2020 and that the Maldives has been exemplary in its response by increasing its health expertise, conducting tests, and administering vaccines quickly, resulting in the country opening its borders and commencing economic recovery.
Furthermore, Minister Ameer highlighted that the Gross Domestic Product (GDP) grew to 41.7% in 2021, which led to more economic activity and recovery. He said the GDP will grow by 12.3% this year and by 7.6% in 2023. He also said the government expects USD2 billion in revenue and grants next year, which is a 22% increase compared to this year. He added that the state is expected to receive USD1.5 billion in taxes and USD396 million in non-tax revenue.
The government proposed a USD2.76 billion state budget for the year 2023, with USD2.63 billion allocated as expenditure and USD1.85 billion allocated as recurrent expenditure.