Tuesday
23rd Apr 2024
Dhivehi Edition
Central bank Maldives Monetary Authority (MMA) has stated that Gross Domestic Product (GDP) will increase by 22 percent in 2021.
According to the Economic Update published by MMA, there will be a 17.7 percent to 30.4 percent increase in GDP this year. The bank reported that it is most likely to increase by 22.7 percent.
Last year, GDP dropped by 33.6 percent. Although it is expected to rise by 22.7 percent this year, the Maldivian economy will not be able to reach its pre-COVID state. As per MMA, there was an 8.6 percent decrease in GDP in the first quarter of 2021 compared to the same period the previous year.
International financial institutions have also estimated that it will take an extended period of time for the Maldivian economy to be restored to its state prior to COVID-19. However, since late last year, President Ibrahim Mohamed Solih has been stating that the Maldives is expected to have an economic boom.