The Maldives Monetary Authority (MMA) has projected an increase in the economic growth rate for 2024 compared to the previous year. According to the latest Quarterly Economic Bulletin Report, most major economic sectors, with the exception of the fisheries industry, have reported expansion in activity.
The report underscores the tourism industry as the primary driver of the nation’s economic progress. The MMA revealed that national productivity, which stood at 4% in 2023, is expected to rise to 4.9% this year. This anticipated growth is attributed to an increase in tourist arrivals, particularly from key markets such as China and Europe, which is expected to bolster not only the tourism sector but also related sectors such as transport and communications, thereby stimulating overall economic acceleration.
The Quarterly Business Survey, conducted four times annually since 2013, provides comprehensive details on the progress of various industries and aims to gauge ongoing activities and forecast changes within these sectors. The MMA expressed confidence that the insights gained from this survey will inform strategic decision-making and policy formulation in the future.
With the anticipated growth in economic activity, the MMA remains optimistic about the Maldives’ economic outlook for 2024, highlighting the pivotal role of tourism and its ripple effect on other industries.
