GDP Will Grow by 13 Percent This Year: Finance Minister

Minister of Finance Ibrahim Ameer has revealed the gross domestic product (GDP) of the Maldives will grow by 13 percent this year.

Speaking at the Viavathi Conference held in A.A. Ukulhas, Minister Ameer stated that the GDP of the country has decreased significantly due to the COVID-19 pandemic — GDP declined by 33.5 percent and state revenue decreased by 50 percent.

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The Minister stated that tourism industry in the Maldives is bouncing back after the impacts of the COVID-19 pandemic, and as a result, the economic situation of the country is significantly improving.

Finance Ministry has estimated that the Maldivian economy will grow by 13 percent this year, the third-highest growth in Asia since the onslaught of the COVID-19 pandemic.

“We expected growth of 37 per cent in 2021. The Maldivian economy is expected to grow by 13 percent this year. It is expected to grow by 9.7 percent in 2023,” said the Minister.

According to the World Bank’s “Maldives Development Update” report, the economies of China, India and Maldives will grow the fastest after COVID-19. The real GDP of the Maldives is expected to grow by 7.6 percent this year and 10.2 percent next year.

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