{"id":4793,"date":"2022-12-04T11:31:46","date_gmt":"2022-12-04T06:31:46","guid":{"rendered":"https:\/\/mbt.mv\/?p=4793"},"modified":"2022-12-04T11:31:46","modified_gmt":"2022-12-04T06:31:46","slug":"mma-project-maldives-economy-growth-maintain-trajectory-in-2023","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=4793","title":{"rendered":"MMA project Maldives economy growth maintain trajectory in 2023"},"content":{"rendered":"<p>Maldives Monetary Authority (MMA) project the country&#8217;s economic recovery trajectory will maintain traction in 2023, despite negative global impact.<\/p>\n<p>The Maldives central bank report&#8217;s the country&#8217;s domestic economy will grow by 12.3% by 2022 end. Domestic economy will reach pre-pandemic levels of output by the end of the current year.<\/p>\n<p>This growth comes from strong performance of tourism sector, with tourist bed nights registering 33% growth in first three quarters of 2022. The sector&#8217;s growth expects further growth in 2023. The country&#8217;s real Gross Domestic Product (GDP) growth of 7.6% is greater than the average growth rates registered by domestic economy before Covid-19 pandemic.<\/p>\n<h4>Projections for 2022 (remainder)<\/h4>\n<ul>\n<li>Current account deficit for the year expects widening to 18% of GDP in 2022 from 8% in 2021<\/li>\n<li>With global commodity price hike, specifically of oil, total expenditure on merchandize imports likely to bump to USD3.2 billion in 2022 (from USD2.4 billion in 2021)<\/li>\n<\/ul>\n<h4>Projections for 2023<\/h4>\n<ul>\n<li>Current account deficit expect exceeding overall financial account position during 2022<\/li>\n<li>Overall balance of payment likely to record a deficit of USD167.4 million<\/li>\n<li>Gross International Reserves (GIR) expect a decline to USD638.4 million in 2022 (from USD805.8 million in 2021)<\/li>\n<li>Current account deficit expected to narrow to 15% in GDP by end of 2023<\/li>\n<li>Current account deficit projected to be financed by Foreign Direct Investment (FDI) inflows, borrowings by government and private sector<\/li>\n<li>Domestic inflation rate moderated slightly from 2.9% in Q2-2022 to 2.7% in Q3-2022<\/li>\n<li>Domestic inflation rate expect to remain high in 2022 and average at 2.2%, while it expect significant acceleration to 5.4% in 2023<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Maldives Monetary Authority (MMA) project the country&#8217;s economic recovery trajectory will maintain traction in 2023, despite negative global impact. The Maldives central bank report&#8217;s the country&#8217;s domestic economy will grow by 12.3% by 2022 end. Domestic economy will reach pre-pandemic levels of output by the end of the current year. This growth comes from strong<\/p>\n","protected":false},"author":4,"featured_media":4795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424,2428],"tags":[825,1278,1326,1507],"class_list":{"0":"post-4793","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-public-sector","9":"tag-gross-domestic-product","10":"tag-maldives-central-bank","11":"tag-maldives-monetary-authority","12":"tag-mma"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MMA project Maldives economy growth maintain trajectory in 2023 - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=4793\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MMA project Maldives economy growth maintain trajectory in 2023 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"Maldives Monetary Authority (MMA) project the country&#8217;s economic recovery trajectory will maintain traction in 2023, despite negative global impact. The Maldives central bank report&#8217;s the country&#8217;s domestic economy will grow by 12.3% by 2022 end. Domestic economy will reach pre-pandemic levels of output by the end of the current year. This growth comes from strong\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=4793\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-04T06:31:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mbt.mv\/wp-content\/uploads\/2022\/12\/111819_3_ee527890715c4f40d1835ae02525cd7e4e89c23e-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"969\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=4793#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=4793\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"MMA project Maldives economy growth maintain trajectory in 2023\",\"datePublished\":\"2022-12-04T06:31:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=4793\"},\"wordCount\":252,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=4793#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2022\/12\/111819_3_ee527890715c4f40d1835ae02525cd7e4e89c23e-1.jpg\",\"keywords\":[\"Gross Domestic Product\",\"Maldives central bank\",\"Maldives Monetary Authority\",\"MMA\"],\"articleSection\":[\"FINANCE\",\"PUBLIC SECTOR\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=4793#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=4793\",\"url\":\"https:\/\/mbt.mv\/?p=4793\",\"name\":\"MMA project Maldives economy growth maintain trajectory in 2023 - 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