This year is reported to the most difficult year for the Maldives where the country would have -11 per cent GDP drop say, Minister Fayyaz.
As per the end of last year GDP growth of the Maldives was at 5.7 per cent. According to the report published by Maldives Monetary Authority the GDP grew to 7.5 per cent last year by the end of the year.
Since the COVID-19 pandemic, the Maldives GDP has been hit harder than before as tourism and fisheries industries have a huge setback as the countries revenue streams dry up according to Minister Fayyaz.
Minister Fayyaz speaking a TV program “Raajje Miadhu” he stated that this is the case since the second world war that the Maldives has ever faced. The Minister also the government never expected such low times and this is the lowest the country has ever hit.
Furthermore, the Minister stated that the problem is that we don’t have a proper treatment for the virus.
As of now, the Maldives has an unexpected amount of drop-in GDP and many locals losing their income. It is expected that the Maldives will experience further downturn during this period.