International Monetary Fund (IMF) reports a 5% increase in Maldivian economy last year، and this year it is expected to increase again by 5%.
A report compiled by the Executive board of IMF in 2014، reports the increase in the Maldivian economy by 5% is correlated to the development and growth in the tourism industry over the last year. The report focuses on the growth of Maldivian tourism in the Asian market.
IMF’s report also detailed the import goods in Maldives have reduced in price as well as the price of goods and services domestically in Maldives had also decreased، which has resulted in inflation rate coming to a down-low.
Furthermore، inflation rate in Maldives will decrease further more as tourism export increased، while the inflation attached to international food and energy has led to a deficit of 8.4% in the country.
However، the financial deficit of Maldives has increased as it was reported to be 7.8% back in 2013، which has thus increased in 2014. While the general payables back in 2009 was at 52%، it had increased up to 75% in 2014.
The report had highlighted of the government-propelled projects established in order to cut down the deficit rate، through various revenue collecting methods. Such methods includes the newly commenced Green-Tax as well as collecting fees from Special Economic Zones and the increase of import duty.