Ministry of Finance and TreasuryRepublic of Maldives
The country diagnostic study, Maldives – Overcoming the Challenges of a Small Island State, led by Asian Development Bank (ADB) in collaboration with Ministry of Finance and Treasury was officially launched on 18th August 2015 at Hotel Jen, Male’.
The report was launched by His Excellency Ahmed Adeeb Abdul Ghafoor, Vice President of Maldives and Mr.Chung Chin Wei, the Director General of ADB. Several ministers, members of parliament, other officials of government and state institutions attended the ceremony.
According to the study, strong economic growth driven by luxury tourism has lifted the Maldives to middle income status in less than 3 decades, however weaknesses in the transport, education and employment, and financial sectors need to be addressed to reduce inequality, support private investment, and boost economic diversity.
The report examines the key binding constraints to achieving sustained, inclusive and regionally-balanced growth. It recommends diversifying the economy beyond tourism and fisheries, policy reforms on education system and promoting private investment in the country as policy measures to tackle the challenges.