Tourism to drive Maldives’ GDP growth to 17%: WB
Maldives’ real GDP is expected to grow by 17.1 percent in 2021, thanks to a strong recovery in tourist arrivals and continued investments in tourist facilities, said the World Bank in a new report.
“Thanks to progressive measures and adherence to guidelines, the Maldives’ tourism has observed a strong rebound since late last year, with the country’s economy now on the road to recovery,” said Faris H Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka.
“Building on the positive economic outlook, Maldives can achieve a greener and more resilient growth and development that benefits all Maldivians through active management of its macro-fiscal situation and debt vulnerabilities.”
Hadad-Zervos’ comment came after a visit to the Maldives y as part of the World Bank’s continued engagement with the island nation to support its efforts to build back better from the unprecedented health and economic impact of Covid-19.
The visit came hot on the heels of the launch of the latest World Bank Maldives Development Update: A Digital Dawn report. The Update analyzes the devastating effect of the pandemic on the archipelago’s economy, which saw a year-over-year contraction of nearly 30 percent in 2020.
The World Bank portfolio in the Maldives currently consists of 10 active operations with total net commitment of $182 million. – TradeArabia News Service