President Dr. Mohamed Muizzu has expressed optimism about the future of the Maldives' economy, attributing the positive outlook to the government's efforts in overcoming the challenging economic conditions.
Delivering this year's Presidential Address, President Dr. Muizzu acknowledged the years of economic hardship endured by the citizens and highlighted the government's commitment to extricate the country from such difficulties. He emphasised his efforts to initiate new projects without imposing undue financial burdens on the state while actively working towards fostering economic growth.
Additionally, President Dr. Muizzu projected a promising future, citing the government's effective measures in overcoming the economic crisis. He anticipated a substantial increase in tourism, estimating that two million tourists would visit the Maldives for the first time this year. He further predicted an annual growth rate of 10.3% in the medium term, particularly after the completion of the Velana International Airport (VIA) development project.
Furthermore, President Dr. Muizzu foresaw rapid growth in the construction, real estate, and transportation sectors, in addition to the expansion in the tourism sector through the introduction of new products. Considering the factors, he estimated a 5.5% growth in the country's productivity for the current year. He also projected an average annual productivity growth of 7.1% in the medium term.