President States Administration Will Be Able To Double Revenue By 2028

On Monday, President Ibrahim Mohamed Solih delivered his Presidential Address at the People’s Majlis. During his address, he made remarks on the potential economic growth and revenue the nation would see by the end of 2028, owing to projects initiated by the current administration. In this way, the President stated that by then the administration would be able to double their revenue to MVR 45 billion.

In his address, he highlighted the Covid-19 pandemic which resulted in the worst-struck economic downturn the Maldives have seen in the past three years. He recalled that economic activities were halted during the period, however, the administration’s forward-planning strategies helped to mitigate the negative aftermath as much as possible with the current statistics indicating economic recovery.

The President also noted that the administration’s effort to develop the tourism sector will not go amiss as the country now forecasts to welcome 3.5 million tourists by the end of 2028. The tourism industry serves as the backbone of the Maldivian economy and a positive turnover rate as expected will, in turn, result in doubling economic growth.

Shedding light on national productivity records, President Solih stated that it remained at MVR 81 billion in 2018, with national productivity expected to reach MVR 177 billion in the next decade. During this time the government revenue is also projected to double to MVR 45 billion in 2028. Speaking further, the President remarked that the administration’s socioeconomic and other policies are all directed at achieving such feats, which would not only result in an increase in people’s incomes but pave way for increased job opportunities, new business ventures and a more prosperous society in general.