The economy has recovered to pre-pandemic levels, says the President

President Ibrahim Mohamed Solih stated on Wednesday that, coupled with the administration's sound economic policies and recovery measures, 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.

President Solih also briefed the media about the administration's efforts to protect and conserve the environment. He highlighted efforts to reach Net Zero by 2030, promote renewable energy sources, and spoke about the administration's ambitious plans to phase out single-use plastics (SUPs). The President said that the Maldives has cut the number of plastic bags it brings in by half in the past year.

The President also informed the media about the work of the Presidential Commission on Deaths and Disappearances and the now-dissolved Presidential Commission on Corruption and Asset Recovery. He stated that while the Commission on Deaths and Disappearances had filed three reports, 43 cases had been prosecuted against five individuals in the Maldives Marketing and Public Relations Corporation (MMPRC) corruption case. He added that the Anti-Corruption Commission is looking into 53 other cases related to the MMPRC scandal.