International Monetary Fund (IMF) has projected a strong economic outlook for the Maldives in 2022.
In the IMF World Economic Outlook report, the institution projected a real Gross Domestic Product (GDP) increase of 13.2% in 2022. The projected GDP for the Maldives is the second-highest in the Asia region, the first being Palau with a 14.9% increase in 2022.
The report shows India with the fourth-highest projected GDP increase with 8.5%, Bangladesh with the seventh-highest with 6.5%, Malaysia with the nine highest with 6%, and Indonesia with the tenth highest with 5.9%.
Minister of Finance Ibrahim Ameer has said the GDP growth of the Maldives is much higher than the global growth and that the country's GDP is expected to grow by 12% next year. The minister 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. He detailed that global growth is expected to reach 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. He also praised the government for taking steps to overcome the COVID-19 pandemic.