Minister of Finance Ibrahim Ameer has stated the GDP growth of the Maldives is much higher than the global growth. He made the statement after submitting the government's proposed state budget for 2022 to the Parliament of the Maldives.
Minister Ameer said the Maldives economy is expected to grow by 31.6% this year and grow by 12% next year. He also said the Maldives suffered a major economic crisis following the COVID-19 economy due to its reliance on tourism and that the world suffered its worst economic recession since World War II.
The finance minister detailed that global growth is expected to reach 5.9% this year and 4.9% in 2022 but that it will take years to reach pre-COVID-19 levels. He said reopening the borders of Maldives in July 2020 was a major step in recovering from the economic crisis and allowing resorts to generate revenue.
Furthermore, Minster Ameer noted the government has reached the target of one million tourist visits for 2021 and that the country has upgraded its sovereign credit rating and economic outlook. He said the Maldives is currently in the top five countries with the fastest GDP growth.
He also praised the government for taking steps to overcome the COVID-19 pandemic.