Minister of Finance Ibrahim Ameer has stated the Gross Domestic Product (GDP) of the Maldives is expected to grow 34% by the end of the year.
Speaking to PSM News, Minister Ameer noted the Maldives achieved significant economic progress during the current administration’s first full year in 2019, before the setbacks which followed the COVID-19 pandemic in 2020. The minister noted the shutdown of tourism and construction sectors crippled the Maldivian economy, bringing an unprecedented economic low to the country. However, he said important measures implemented in the last 6-7 months have helped to set the economy on a healthy recovery path once again.
Speaking on the progress achieved since reopening of borders in July last year, Minister Ameer noted an average of 3,000 tourists currently visit the Maldives on a daily basis, with the figure expected to rise in the coming months. The minister said the target is to bring the average to 5,000 per day by April. He added there is hope that a GDP growth of 34% can be achieved by the end of the year.
The finance minister added efforts are also underway to diversify the economy and reduce the dependency on tourism. As such, he said important projects have been planned for the development of fisheries and agriculture sectors of the Maldives this year.