Economy has recovered to pre-pandemic levels: President Solih

President Ibrahim Mohamed Solih briefing the media after a 6 month hiatus on December 28, 2022 at the President's Office about the progress of the administration's socioeconomic plans. | Photo: President’s Office

Malé, Maldives – President Ibrahim Mohamed Solih stated on Wednesday that the country’s economy has successfully recovered to pre-pandemic levels this year.

The President made the statement while briefing the media today at the President’s Office about the progress of the administration’s socioeconomic plans.

The President described 2022 as a challenging year for the country’s economy. He noted that the war in Eastern Europe, which followed the Covid-19 pandemic, had resulted in significant global economic crises.

Noting that the financial burden of the pandemic and the war on the Maldives’ economy had been heavy, President Solih stated that his administration’s sound economic policies and measures had led to substantial economic recovery.

The Maldives’ economy is forecast to grow by 12.3 per cent this year, while economic growth is expected to be at 7.6 per cent in 2023.

The President described the tourism industry’s recovery as the main reason behind the development and stated that tourist arrivals had also reached pre-pandemic levels this year.

The Maldives’ economy is also one of the ten fastest growing after the pandemic, while in 2021 and 2022, it was listed among the five fastest-growing economies across the globe.

[Source: President’s Office]