Maldives’ GDP Projected to Grow 17.1 Percent In 2021 Thanks to Tourism

Published April 29th, 2021 - 09:00 GMT
Maldives’ GDP Projected to Grow 17.1 Percent In 2021 Thanks to Tourism
The World Bank portfolio in the Maldives currently consists of 10 active operations with total net commitment of $182 million. (Shutterstock)

Maldives’ 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, said the World Bank in a new report.

“Thanks to progressive measures and adherence to guidelines, the Maldives’ tourism has observed a strong rebound since late last year, with the country’s economy now on the road to recovery,” said Faris H Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka.

“Building on the positive economic outlook, 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.”

Hadad-Zervos’ comment came after a visit to the Maldives y as part of the World Bank’s continued engagement with the island nation to support its efforts to build back better from the unprecedented health and economic impact of Covid-19.

The visit came hot on the heels of the launch of the latest World Bank Maldives Development Update: A Digital Dawn report. The Update analyzes the devastating effect of the pandemic on the archipelago’s economy, which saw a year-over-year contraction of nearly 30 percent in 2020.

The World Bank portfolio in the Maldives currently consists of 10 active operations with total net commitment of $182 million. 


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