The Maldives economic growth rate to increase to 5.5% from 5.2%—World Bank

World Bank has revealed that the Maldives is expected to see an increase of 5.5 percent in economic development by 2020.

According to the World Bank’s twice-a-year regional economic update, Maldives’ growth is currently at 5.2 percent. The previous year, the growth rate was 6.7%.

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The update indicates that the halted growth rate is due to a slowdown in construction following the completion of the international airport and a connecting bridge.

However, with support from new infrastructure investment and the expansion of tourism, growth is expected to pick up again to an average of 5.5 percent over the forecast horizon.

Similarly, the report states that imports have declined severely across South Asia, contracting between 15 and 20 percent in Pakistan and Sri Lanka. In India, domestic demand has slipped, with private consumption growing 3.1 percent in the last quarter from 7.3 percent a year ago, while manufacturing growth plummeted to below 1 percent in the second quarter of 2019 compared to over 10 percent a year ago.

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