Maldives President Ibrahim Mohamed Solih on Wednesday, 28 December, said that the country’s economy has successfully recovered to pre-pandemic levels.
President Solih made the statement while briefing local media at President’s Office, to provide updates on the current administration’s socioeconomic plans. He described 2022 as a challenging year for the country’s economy. He added that the war in Eastern Europe followed by the Covid-19 pandemic had resulted in significant global economic crises.
The global economic impact put dents in the country’s economic progress, but owing to strong recovery from tourism industry, Maldives saw resilient growth. The country’s economic growth for 2022 is forecast to rise by 12.3% and by 7.6% in 2023.
The country’s economy is also one of the ten fastest-growing economies after the pandemic, while in 2021 and 2022, it was listed among the five fastest-growing economies across the globe.
President Solih also made emphasis on the administration’s efforts to protect and conserve environment. He stressed on initiatives to reach Net Zero by 2030, and promote renewable energy sources.
Moreover, he also spoke about the ambitious plans to phase out single-use plastics. The current administration cut the number of plastic bag imports by half in 2021.