Economy Of The Maldives An Introduction

World Bank pub. MISSION REPORT, Maldives, ECONOMIC DEVELOPMENT TRENDS - POLITICAL DEVELOPMENT, SOCIAL DEVELOPMENT, LABOUR FORCE PARTICIPATION, ECONOMIC GROWTH, BALANCE OF PAYMENTS, FISHERY DEVELOPMENT, TOURISM, AGRICULTURAL DEVELOPMENT, INDUSTRIAL DEVELOPMENT, SEA TRANSPORT, POPULATION POLICY, PUBLIC FINANCE, DEVELOPMENT AID, ETC. BIBLIOGRAPHY PP. 113 TO 115, GRAPHS, MAP, REFERENCES AND STATISTICAL TABLES. (RESTRICTED).

The Maldives has propelled itself to middle-income status despite its geographic constraints and the risks it faces as a small island economy. The economy has been growing in the last 5 years, but development challenges remain formidable. How can the Maldives sustain and improve the pace of its economic growth and reduce poverty and inequality? This report identifies the critical constraints to inclusive growth and discusses policy options to overcome such constraints.

The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession since the second world war, despite unprecedented policy support. The global recession would be deeper if countries take longer to bring the pandemic under control, if financial stress triggers defaults, or if there are protracted effects on households and firms. Economic disruptions are likely to be more severe and protracted in emerging market and developing economies with larger domestic outbreaks and weaker medical care systems; greater exposure to international spillovers through trade, tourism, and commodity and financial markets; weaker macroeconomic frameworks; and more pervasive informality and poverty. Beyond the current steep economic contraction, the pandemic is likely to leave lasting scars on the global economy by undermining consumer and investor confidence, human capital, and global value chains. Being mostly a reflection of the recent plunge in global energy demand, low oil prices are unlikely to provide much of a boost to global growth in the near term. While policymakers' immediate priorities are to address the health crisis and moderate the short-term economic losses, the likely long-term consequences of the pandemic highlight the need to forcefully undertake comprehensive reform programs to improve the fundamental drivers of economic growth, once the crisis abates. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

The Maldives is a sovereign island nation located in the Indian Ocean. It is made up of 26 atolls, which are chains of islands, and hundreds of individual islands. The Maldives is known for its stunning natural beauty and crystal-clear waters, making it a popular destination for tourists seeking a tropical getaway. The Maldives has a long and interesting history, with evidence of human habitation dating back to 500 BC. It was ruled by various dynasties and empires, including the Portuguese and the British, before gaining independence in 1965. Today, the Maldives is a republic with a president as the head of state and a multi-party system. Its economy is heavily reliant on tourism, with the industry contributing to over a third of the country's GDP. However, the Maldives also faces challenges such as environmental degradation and political instability.