Economic diversification vital for food and energy security, says government report
22 Sep 2013, 1:00 PM
Neil Merrett
The Maldives continues to face huge issues of food security, last year importing 90 percent of all goods consumed, while also being one of the most “oil vulnerable” countries in the world, according to a government report calling for significant economic diversification.
According to the Maldives Economic Diversification Strategy (MEDS), released last week, the nation has become “over-dependent on tourism”, with the industry last year accounting for more than two thirds of the Maldives’ Gross Domestic Product (GDP).
The report concluded that such a reliance on one sector alone had left the country’s economy particularly susceptible to natural disasters and adverse financial conditions.
“The Maldives needs to bridge swiftly the gaps that are emerging from the short-term political aims and the long-term economic goals,” stated the report’s introduction.
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