Maldives says economy has recovered to pre-pandemic levels

(File: Famagusta Gazette)

Maldivian President Ibrahim Mohamed Solih said the island country’s economy, guided by the government’s sound economic policies and recovery measures, has successfully recovered to pre-pandemic levels this year.

The president expressed these views on Wednesday while briefing the media at the President’s Office about the progress of the administration’s socio-economic plans.

Noting that the financial burden of the COVID-19 pandemic and the conflict in eastern Europe on the Maldives’ economy had been heavy, Solih stated that his government’s sound economic policies and measures had led to substantial economic recovery.

The Maldives’ economy is forecast to grow 12.3 percent this year, while economic growth is expected to be at 7.6 percent next year.

The president described the tourism industry’s recovery as the main reason behind the development, saying that tourist arrivals had also reached pre-pandemic levels this year.

The Maldives is also one of the 10 fastest-growing economies after the pandemic, while in 2021 and 2022 it was listed among the top five across the globe, according to the statement of the President’s Office.

The International Monetary Fund (IMF) said that the Maldives’ economic activity rebounded strongly from the pandemic-induced contraction, supported by the authorities’ decisive policy measures.

However, the IMF warned that the Indian Ocean island nation remains at a high risk of external debt distress and a high overall risk of debt distress. ■

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