The Country Opinion Survey in Maldives assists the World Bank Group (WBG) in better understanding how stakeholders in Maldives perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector,...

In 2024, economic growth remained robust with an estimated real GDP growth of 5.5%, primarily driven by a strong performance in tourism, which saw a 7.1% growth in the first three quarters. Tourist arrivals increased by 8.9% to a record 2.05 million. However, headline inflation surged in the...

An IMF Team assessed the green public financial management (PFM) practices, drawing on the IMF's Green PFM framework, and conducted a Climate Module of the Public Investment Management Assessment (C-PIMA) in the Maldives. It identified strengths related to the recent public investment management...

Despite headwinds from the war in Ukraine, the Maldives' economic recovery from the COVID-19 pandemic has shown resilience. The cyclical rebound and still favorable economic outlook provide an opportunity for the Maldives to address its large fiscal and external vulnerabilities. This calls for...

The mission assisted the staff of the Maldives Monetary Authority (MMA) to compile financial soundness indicators (FSIs) in line with the IMF's 2019 FSIs Compilation Guide, improve the data frequency of FSIs for deposit takers to monthly, and prepare new FSIs for insurance corporations

This Technical Note on Maldives discusses macroprudential policy. The creation of a macroprudential committee with a clear mandate and decision-making powers is recommended. This committee would rely on a well-resourced financial stability unit, acting as a secretariat and providing data-driven...

This paper highlights technical note on financial safety net and crisis management arrangements in Maldives. Maldives legislation includes important elements of a financial safety net and crisis management framework but there are areas for streamlining and improvement. The Maldives Banking Act...

This paper presents a technical note on bank stress testing and climate risks analysis in Maldives. Although the Maldives' economy has rebounded strongly from the pandemic-induced contraction, macro and financial vulnerabilities remain. The stress test results broadly corroborated the identified...

This report is undertaken as a part of the Human Capital Project (HCP), a globalinitiative of the World Bank Group that aims to increase governments' awarenessof the importance of investing in people (World Bank date of publication not identifiedb). One of the maincomponents of the HCP is a...

The Maldives experienced a slowdown in economic growth in 2023, despite an increase in tourist arrivals. The GDP growth rate was 4.0 percent, well below the pre-pandemic trend. The increase in tourist arrivals did not lead to higher GDP growth due to a decline in spending per tourist. Inflation...

The world is witnessing a rise in the number of international tourists travelling which is mainly caused by the fall in travelling costs and higher living standards. However, this has caused numerous negative impacts on the economy, the environment and the society. In the context of Mauritius,...

Foreign investment is the backbone of Maldives economy. However, the proliferation of investment arbitration against the Maldives may deeply hamper its investment regime. Since Maldives Foreign Investment Law does not refers to any preferred mode of dispute settlement, every investment agreement...

Tourism, as one of the major contributors to the world GDP, offers a wide range of economic and non-economic benefits to global society. The exchange of culture and values through travel and tourism improves harmony among people, which is essential for global peace. Consequently, governments...

This study investigates the variables affecting the Maldives electricity industry's ability to retain talent. The issues raised in this article include the gap between motivation and rewards caused by the dearth of available literature. This study is focused in the cities of Maldives Electricity...

This paper presents financial system stability assessment (FSSA) report for Maldives. Maldives is a tourism dependent economy with a small financial sector dominated by state-owned banks. Systemic risks stem largely from a growing sovereign-bank nexus, high dollarization, and a shortage of...

The 2022 Article IV Consultation discusses that Maldives' economic activity rebounded strongly from the pandemic-induced contraction, supported by the authorities' decisive policy measures. Fiscal and external vulnerabilities remain elevated due to rising subsidies, high capital spending, and an...

The 2021 Article IV Consultation highlights that the Maldives is recovering after the historical 2020 fall in tourism, aided by a rapid coronavirus disease 2019-vaccination program rollout. While the prompt and comprehensive policy approach in early 2020 was effective, a more prolonged pandemic...

The mission assisted the staff of the Maldives Monetary Authority (MMA) to compile financial soundness indicators (FSIs) in line with the IMF's 2019 FSIs Compilation Guide, improve the data frequency of FSIs for deposit takers to monthly, and prepare new FSIs for insurance corporations

The increased likelihood of adverse climate-change-related shocks calls for building resilient infrastructure in the Maldives. Fulfilling these infrastructure needs requires a comprehensive analysis of investment plans, including with respect to their degree of climate resilience, their impact...

The study seeks to establish a trade relationship between agricultural products in the Maldives. India hasbecome a significant player globally, especially for rice, cotton, sugar, and buffalo meat. Notwithstanding theseitems, India has likewise become a sizeable exporter of soybean supper, guar...

This report reviews the Goods and Services Tax (GST) regime in the Maldives and identifies policy and legal reform options to support its modernization, as well as enhancing efficiency, equity, and revenue mobilization. Despite five existing amendments to the Goods and Services Tax Act (GSTA)...

The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the...

Driven by a rebound in tourism, Maldives' economy recovered sharply in 2021, and poverty is expected to return to pre-pandemic levels by 2023. In 2020, the outbreak of COVID-19 hit international travel and tourism severely and, thus, caused a 33.5 percent contraction in Maldives' GDP....

How the government of Maldives chooses to spend state revenues has consequences for the country's future Decisions on what, where, how, and how much governments spend on have a significant impact on a country's growth and development. Allocating resources efficiently and effectively across...

Developing countries experience balance of payments deficits, dwindling foreign exchange reserves and declining national incomes. Their ability to finance development is therefore affected. To fill such gaps, countries turn to foreign direct investment (FDI). While FDI is viewed as both bad and...

In this paper, we examine the tourism sector in Maldives, focusing on tax revenue generation and long-run growth potential. We present a sectoral outlook for tourism and use time-series econometric techniques to estimate long-run tax base elasticities. We focus specifically on international...

This article presents the findings of a study aimed at assessing prospects for self-sufficiency in food on the island of Fuwahmulah, Maldives. A mixed research methodology combining a survey on a representative sample and key informant interviews was used to elicit responses from households and...

Purpose The purpose of this study is to explore educational policy directions in the Maldives to continue learning in public schools during the coronavirus disease 2019 (COVID-19) pandemic and identify policy changes that could improve the preparedness of the schools for future pandemics....

Trading of Maldivian stocks has been open to the market for nearly two decades. But trading has been few and far between, and therefore liquidity of the market is extremely thin. This article analyses the operation of the Maldives Stock Exchange and suggests that more may need to be done at all...

The main objective of this study is to determine the CSR disclosure and to fnd out the association between CSR and FP by the public companies of Maldives. This study used a mixed-method research choice and is longitudinal research. The study period was from 2014 to 2018. Data were collected from...

Reflecting an ongoing commitment to enhancing fiscal transparency, Maldives is the first small island state, and the second country in Asia, to have undertaken a Fiscal Transparency Evaluation (FTE). The Government of the Maldives (GoM) recognizes the importance of transparency in fiscal...

The increased likelihood of adverse climate-change-related shocks calls for building resilient infrastructure in the Maldives. Fulfilling these infrastructure needs requires a comprehensive analysis of investment plans, including with respect to their degree of climate resilience, their impact...

The Country Opinion Survey in Maldives assists the World Bank Group (WBG) in gaining a better understanding of how stakeholders in Maldives perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the...

Maldives is an archipelago of 26 low-lying coral atolls in the Indian Ocean, southwest of the Indian subcontinent. Due to its location over the equator in the Indian Ocean, Maldives experiences a typical equatorial monsoonal climate. Maldives experiences warm and humid climate throughout the...

Maldives is the smallest yet most densely populated country in South Asia. Endowed with an extremely rich and diverse marine ecological system, Maldives has been able to develop a successful high-end tourism sector. Tourism continues to be the main engine of growth, but there are limited...

The Coronavirus (COVID-19) pandemic brought global tourism and travel to a standstill. Thus, although the health impact of the pandemic has been fairly contained in Maldives, its economic consequences have been devastating. To contain the spread of the virus, the country closed its borders for...