The President states that the result of planned and ongoing projects is geared towards doubling the economy. He stated the number of tourist arrivals will increase by at least 3.5 million per year by 2028. He also stated that in the next ten years, the economic growth can be doubled to MVR 177 billion. By then, the government will also be able to double its revenue to MVR 45 billion by 2028.
President Ibrahim Mohamed Solih delivered his Presidential Address at the People’s Majlis on Monday. In his address, President Solih shed light on the prosperous changes that would be visible in the country’s economic growth and revenue by the end of 2028 due to the ongoing projects initiated by his administration.
President Solih recalled that the country had witnessed the worst economic downturn over the past three years. He noted that economic activities had been halted due to the Covid-19 pandemic. He, however, noted that with the administration’s foresight in mitigating the effects of the pandemic, the current facts and figures indicate economic recovery.
The President added that, due to the administration’s planned and ongoing projects towards the development of the tourism sector, the country is expected to see the arrival of 3.5 million tourists by 2028. He added that this would, in turn, double economic growth.
While national productivity was recorded at MVR 81 billion in 2018, President Solih stated that economic growth could be doubled and national productivity increased to MVR 177 billion within the next ten years. He added that government revenue is expected to double to MVR 45 billion in 2028.
President Solih stated that the administration’s current social, economic, and all other policies are geared towards achieving this target, which would result in an increase in people’s incomes, an increase in job opportunities, a rise in new business ventures, and ensure a peaceful and prosperous society.