Maldives economy slowed to 1.9% in 2015
The Maldivian economy slowed to just 1.9 percent growth in 2015, knocked by a slowdown in tourism arrivals and a number of booking cancellations following a state of emergency in November, the World Bank has said.
11 May 2016, 9:00 AM
The Maldivian economy slowed to 1.9 percent growth in 2015, knocked by a slowdown in tourism arrivals and a number of booking cancellations following a state of emergency in November, the World Bank has said.
The figure stated in the World Bank’s bi-annual report, South Asia Economic Focus, is markedly different to the 4.8 percent touted by the government, and comes as a blow to President Abdulla Yameen, who came to power promising strong economic growth.
This was the weakest showing since 2009, when a global recession led to negative growth of -3.9 percent in the Maldives. In comparison, 2014 saw growth rates of 6.5 percent.
The economy was dragged down by a slump in tourist arrivals, especially from China and Russia, the report said. Construction has now overtaken tourism as the most important driver of growth.
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