President Solih Re-assures the Country that our Economy is on a Positive Path

At a press conference held at the President's Office, President Ibrahim Mohamed Solih assured the Maldives' economy is on the right track on Wednesday, announcing that the country's nominal Gross Domestic Product (GDP) will exceed MVR100 billion in 2023, with GDP growth of 13%.
 
According to the President, revenue this year surpassed earlier forecasts of MVR8.5 billion, reaching MVR11.1 billion. Despite this expansion, he warned that global economic uncertainty and rising commodity prices would inevitably have an impact on the country's economy, adding that the administration would remain vigilant and steadfast in its response.
 
The Maldives' economy was severely impacted by the economic crisis caused by the Covid-19 pandemic. The President stated that the administration's sound fiscal policies and effective management of the economic crisis aided in overcoming the pandemic's challenges. The President assured that the administration would take appropriate measures to mitigate the impact of rising inflation and commodity prices caused by the Russia-Ukraine war, including austerity measures such as proper expenditure management and the postponement of new large-scale development projects financed by borrowing.
 
The President also stated that the country's international reserves will remain at pre-Covid levels as the economy recovers and foreign currency inflows increase. The reserves, according to the President, will be healthy throughout the year. He also cited the Maldives Monetary Authority (MMA), which stated that staple food supplies and other essential commodities would not be in short supply in the country.