Publication: Maldives Development Update, October 2023: Batten Down the Hatches
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2023-09-29
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2023-09-29
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The economy has maintained its strong growth momentum, with the expansion in tourism, and poverty is expected to fall further in 2023. The number of tourist arrivals grew by 14 percent (y-o-y) to 1.25 million by early September 2023, reaching a historic high compared to similar periods in other years (Figure ES.1). Despite the Russian invasion of Ukraine, arrivals from Russia remained strong. An earlier-than-expected reopening of the Chinese market, on January 18, has compensated for lower arrivals from India and Gulf countries, while arrivals from Europe continued to increase. As a result, the Maldivian economy grew by 5.5 percent (y-o-y) in the first quarter of 2023. Poverty levels also fell with the strong economic rebound, to an estimated level of 1.5 percent of the population. High inequality in the country, especially in the outer atolls, remains a real concern.
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“World Bank. 2023. Maldives Development Update, October 2023: Batten Down the Hatches. © World Bank. http://hdl.handle.net/10986/40414 License: CC BY-NC 3.0 IGO.”
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