Renowned for its world-class luxury tourism industry, the Maldives have long been celebrated for its natural splendor. Beyond the pristine beaches, its government has showcased its prowess in steering the nation’s growth through a focus on economic diversification, managing rising debt, and promoting a pro-business investor climate.

With projected GDP growth of 5% in 2024, off the back of 6.5% growth in 2023, the country’s fortunes have long been linked to the luxury tourism industry. Home to several major hotel brands, including major American chains, the Maldives attraction for high-end travelers is a major boost to its fiscus. Emerging tourism segments such as eco-tourism, adventure tourism and a growing number of digital nomads, are providing long-term sector viability.

 

The newly elected government will build on strategic initiatives, such as the Maldives Special Economic Zones (SEZ) and Foreign Investment Act, which aim to streamline bureaucracy for new investors and develop new economic segments. The Maldives’ Exclusive Economic Zone for fishing has seen this well-regulated industry balloon as an export power, with 40% of fish destined for international markets. Prospects for further development in localized fish-canning has seen international investors show interest in establishing joint-ventures.

$558 billion

energy comes from wind

9.15%

CAGR for tourism sector projected through 2028

2030

Maldives commitment to be achieve net-zero status

1,190

Islands spread along 26 atolls with 200 inhabited

2009

First and only underwater cabinet meeting ever recorded

200 %

increase in arrivals since year 2000 

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