OUR FOCUS

Inclusive Growth

Poverty Eradication and greater socio-economic equity: 

Journey from LIC to MIC

Historically the Maldivian economy relied on fishing as its primary source of income, however with the inception of the first resort in the Maldives in 1972 it has transformed the Maldivian economy. With the tourism sector driving the economic growth of the Maldives in recent years, the income levels of the country have experienced exponential growths in the past decade and Maldives has graduated to become a Middle-Income Country (MIC) from a Low-Income Country (LIC). According to the statistics published by the National Bureau of Statistics, the Nominal Gross Domestic Product (GDP) per capita of the Maldives has increased from US dollar (USD) 5,819 in 2008 to USD10,385 in 2018; GDP per capita has experienced a 78% growth within ten years.

 

Towards Diversification and Efficiency

The COVID-19 pandemic has illustrated the importance of the developing an economy which is diversified and sustainable. With the Maldivian economy estimated to register record losses in 2020 due to COVID-19 pandemic, the developmental strategies have shifted towards promoting other economic activities while also establishing an efficient and holistic social security framework within the country. Accordingly, the Country Office will assist the government of Maldives to facilitate its efforts towards diversification and also provide guidance to enhance the capacity of social service delivery. 

Programmes and Initiatives

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