Maldives has enjoyed strong economic growth coupled with considerable development of the country’s infrastructure and connectivity. The economy has grown at an annual rate of 6.4 percent during the five years prior to the Covid-19 pandemic. By 2019, annual GDP has increased to US$ 5.6 billion with a per capita GDP of US$ 10,541.
Although the pandemic has dampened economic growth, early signs in the recovery of key economic sectors indicate that the country can bounce back to its expected economic performance in a relatively short period of time.
Pro-market policies embedded within the government’s economic vision contribute to a strong, liberal and transparent trading and commercial environment. In its drive to build a strong and stable economy the government has implemented several policies that opens up attractive opportunities and incentives for foreign investors.
The Maldives is committed to further diversifying its economy by facilitating investment in targeted sectors such as construction, agribusiness, transport, energy, and the financial sectors. The Maldives has distinct advantages that provide significant economic opportunities. As a unique country there is great opportunity to invest in new technologies and unique solutions in a variety of economic sectors to maximize the economic advantages presented by its location, beauty, infrastructure and human capital.
The current resident population of the country is 568,000, of which 32 percent are expatriates working and living in the Maldives.
Maldives has sustained an adult literacy rate of over 98% since the late 1990s. Universal primary education was achieved in 2002 with no significant gender disparity. With the highest mobile Internet usage in South Asia with 63% of the population and 60% of households having used internet in 2019, Maldives is home to a young tech-savvy population ready to accept new technologies and challenges.
Huge strides have been made to improve the ease of doing business in the country. The formalities and processes for registration and operations of foreign investments have been streamlined through changes in laws and regulations, and well-defined procedures, designed to offer clarity, security, convenience and speed for investors looking at investing in the Maldives.
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