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Tourism sector contraction spurs moderation amid Maldives’ fiscal challenges

The Maldives navigated through a year of economic moderation and resilience in 2023. According to the latest Quarterly National Account (QNA) estimates by MMA, the Maldivian economy witnessed a growth rate of 4.0% in 2023, a significant slowdown from the remarkable 13.9% growth recorded in the preceding year. This deceleration, falling short of the initially […]

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Maldives plans 5 resorts in Kaafu Atoll for tourism diversification

The Visitor Economy Council, established after the new government’s inaugural cabinet meeting, is set to initiate the development of five resorts in the Kaafu atoll, aiming to broaden the spectrum of tourism in the Maldives. Tasked with promoting diverse tourism sectors across the nation, the council’s focus extends beyond traditional tourism, encompassing areas such as […]

Maldives tourism leaders to probe revenue drop despite increased arrivals

Tourism Minister Ibrahim Faisal and the new Managing Director of MMPRC, Fathimath Thaufeeg, highlighted plans to investigate why the surge in tourist arrivals in Maldives hasn’t translated into increased revenue. The government’s target of hosting 1.8 million tourists for the year was hit with the arrival of the 1.8 millionth tourist on Wednesday. Following a […]

Maldives hotel performance weakest in Asia Pacific, new study reveals

Hotels and resorts in Maldives posted the weakest performance in the Asia Pacific region, with Gross Operating Profit Per Available Room (GOPPAR) at -11.8% in the past 12 months, according to the most recent Asia Pacific Hotels Monitor put out by hospitality advisory firm Whitebridge. The last 12 months saw many good performers in the […]

Maldives aims to boost annual tourism revenue to $6 billion

The newly formed Visitor Economy Council, announced by the government on Sunday, set its sights on ramping up annual tourism revenue to hit the $6 billion mark. Economic minister Mohamed Saeed, heading the council, disclosed this target during a press conference at the President’s Office on Monday. Highlighting the current scenario, Saeed noted, “Maldives’ GDP […]

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Maldives faces $1.7b annual economic loss from 88 unfinished resorts

The Maldivian tourism industry is grappling with a substantial setback as 88 resorts designated for development remain incomplete, resulting in an annual economic loss of $1.7 billion, as per the Finance Ministry’s fiscal statement for 2024-26. Maldives, heavily reliant on tourism, considers these unfinished resorts a linchpin of its economic prosperity. However, these 88 islands, […]

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Fitch affirms Maldives’ B- rating, cites economic and financial challenges

Fitch Ratings, a leading global credit rating agency, has affirmed the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ with a Negative Outlook. This decision is based on a careful assessment of various economic and financial factors affecting the nation. Here are the key rating drivers and highlights from Fitch’s assessment: Negative Outlook: The […]

World Bank forecasts Maldives’ debt to reach 115%, GDP growth to slow

The World Bank has forecast that Maldives’ debt will reach 115 percent of GDP this year, and that GDP growth will be slower than previously forecast. The World Bank said in its South Asia Development Update that the Maldivian economy is expected to grow by 8.2 percent this year, but that this growth will slow […]

Tourism Sector Overview: Q1-2016 Maldives & Asia Pacific

[vc_row][vc_column][vc_column_text]According to the statistics by the Ministry of Tourism Maldives, the year 2016 began with promising performance as international tourist arrivals totaled 344,166 at the end of quarter one. This is an increase of 4.3% compared to the arrivals in the 1st quarter 2015. However, the rest of the key indicators depicted a decreasing trend […]

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