The financial situation of Maldivian businesses worsened in all sectors in 2024 second quarter, reports Maldives Monetary Authority (MMA).
The central bank adds that businesses in all the surveyed sectors, except for wholesale and retail trade sector, anticipate the financial situation to improve in the third quarter. As for businesses in wholesale and retail sector, the financial situation appears to be heading into worsening conditions in Q3-2024.
MMA also reports that employment levels dropped steeply for businesses in the tourism sector and construction sector, with the former registering the biggest decline in the second quarter of this year. Businesses in the wholesale and retail trade sector and the transportation and communication sector indicated a notable increase in new hires during the review quarter.
Businesses in the tourism sector turned less pessimistic regarding prospects for the third quarter and expect activity to improve, albeit at a slower pace going forward.
In general, access to credit remained tight for all the sectors during the review quarter, while businesses anticipate credit conditions to worsen going forward.