Maldives: Economic Update 2020
This Economic Update provides the economic status of Maldives in 2019, its midyear economic review in various sectors, and near-term outlook and insights on midterm recovery. It includes a special report on COVID-19 in Maldives.
Economic growth grew moderately from 8.1% in 2018 to an estimated 7.0% in 2019 as construction significantly weakened, growth in tourism income slowed, and other sectors including fishery contracted. Average inflation remained subdued at 0.2% in 2019, owing mainly to the government’s administrative price controls on the staples rice, flour, and sugar, as well as lower global prices for oil and food products.
Economic growth is expected to sink to record low in 2020 as the economy, especially tourism, gets pounded by COVID-19. Improvement in 2021 is expected but recovery will be slow with risks remaining tilted to the downside.
- The Economy in 2019
- Midyear Economic Review
- Special Report: COVID-19 in Maldives
- Near-Term Outlook and Insights on Midterm Recovery
- Feature Stories
- Appendix: Maldives’ Key Economic Indicators