Maldives has emerged as the fastest growing economy in South Asia

The World Bank has declared the Maldives as the fastest growing economy in South Asia, according to the latest Maldives Development Update (MDU) released by the bank.

The report predicts that the Maldivian economy will continue to be strong in the coming years, with increased tourist arrivals, capital expenditures and private spending being the main reasons for the strong growth. According to World Bank estimates, the number of poor in the Maldives is also expected to drop to pre-Covid-19 levels.

Speaking at the launch of the MDU at the Maldives National University (MNU) on Sunday, Deputy Finance Minister Mariam Manarat highlighted the government’s strong financial reform policies and promised that the government will prioritize the most vulnerable members of society through these reforms. Consistency.

Manarath also spoke about the importance of investing in projects that transform the economy. He mentioned the Ihavantipolo Port and the Integrated Tourism Project of Hangate.

At the MDU launch, Ahmed Saruwash, Chief Financial Budget Officer, Ministry of Finance, shared the government’s efforts to strengthen the National Health Insurance Scheme, Ashanta.

According to Saruvash, the initial target for revenue side integration is three percent. However, he noted that the growth in the tourism sector was more than expected.

Saruwash further stressed the importance of preparing for an increase in the aging population in the Maldives with current trends in demographic changes.

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