The World Bank downgraded its 2024 Maldives growth forecast to 4.7 percent, citing a shift in tourism activity from high-end resorts to guesthouses, after the economy grew just 2 percent in Q3 of 2023. The report also flagged wide current account and fiscal deficits and debt sustainability concerns, while noting that limited competition lets Maldivian banks charge high lending rates.
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the Maldives’ economy grew by 2 percent year-on-year in the third quarter (Q3) of 2023
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significantly slower than the 13.9 percent growth in 2022
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Output growth in the Maldives is expected to rise to 4.7 percent in 2024
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a 0.5 percentage point downgrade from previous forecasts that partly reflects the shift in tourism activity
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Growth is expected to strengthen further to 5.2 percent in 2025
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