According to the latest Maldives Development Update (MDU) by the World Bank, the Maldives has emerged as the fastest-growing economy in the South Asian region.
The World Bank in its report attributed the robust growth to an increase in tourist arrivals, capital expenditure, and private expenditure. The bank predicted that the Maldivian economy will be strong in the prospective years, and expected the number of people living below poverty line will decrease to pre-Covid levels.
During the launch of MDU at the Maldives National University (MNU), the Deputy Finance Minister Mariyam Manarath highlighted the government’s strong fiscal reform policies, which aim prioritizes the most vulnerable people in society to achieve financial sustainability.
She further emphasized on the importance of investing in projects such as the Ihavandhippolhu port and Hankede integrated tourism project to boost the economy.
The ministry’s Chief Financial Budget Executive Ahmed Saruvash Adam shared the government’s efforts to strengthen the national health insurance scheme, Aasandha. He also emphasized on the significance of the revenue-side consolidation, with the initial target to set at 3% while acknowledging tourism growth has exceeded expectations.