With altering global prices of commodities worldwide, Finance Minister Ibrahim Ameer, has stated that prices of goods in the Maldives will further increase this year.
Speaking at a recent press conference, Minster Ameer said that the staggering increase in prices was observed over the first four months of this year and the spike in food products was the most noticeable.
The astounding increase in global prices will have a direct effect on the Maldivian economy having being highly dependent on imports from foreign countries said Minister Ameer.
Furthermore, he had also mentioned that the surge in prices of oil and other commodities were further going to rise due to the ongoing Russia-Ukraine conflict. On top of the impact, the pandemic brought on the world supply chain still not being recovered.
He also mentioned that although the Maldivian economy plummeted to levels never witnessed before in recent history during the year 2020 – the measures taken by the government had significantly improved the economy in 2021.
It has been forecasted that the Maldivian economy will improve by 13 to 16 percent by the end of this year