Take A Look At The Governors Insights For The Economic Development Statistic For 2021

Governor of Maldives Monetary Authority, Ali Hashim has highlighted that despite the hard challenges our country faced during the year 2020, Maldives was one of the quickest countries to bounce back from the crisis. The tourism sector that accounts for 26% of real output, had significantly gone the extra mile compared to the initial forecasts of the first half of 2021. 

Compared to the quarterly GDP growth rate of the fourth quarter of 2020, this first quarter of this year has shown a significant growth of 34.4 percent. However, the second lockdown and travel restrictions may give a slight reduction in the growth prospects of the 2nd quarter of this year. Despite this, the revival economy activity in general gives us cause for optimism for 2021 as a whole. 

The governor then reflected on the works that will be undertaken by MMA in order to ensure that the economic recovery stays on track. The works include the close inspection of incoming high and low-frequency macroeconomic indicators as Maldives progresses to the second half of 2021. 

Furthermore, the governor urged the eligible population to complete the vaccinations as the country works together in going back to normality. In conclusion, Governor Hashim reaffirmed the optimism for the economic growth and recovery whilst keeping MMA’s promise to keep a close eye on the monitoring of incoming macroeconomic and financial sector data.