Asian Development Bank (ADB) has said that strong economic growth driven by luxury tourism has upgraded the Maldives to middle income status.
The bank made the statement speaking in the ceremony held in Hotel Jen to release the Maldives Country Diagnostic Study on the nation’s economy.
Speaking in the ceremony, ADB Chief Economist and Director General Shang-Jin Wei stated that ADB was satisfied with the rate of achieving sustainable development. He added that he hoped that the results of the study will assist the Government in addressing the challenges facing the economy and development.
Sheng stated that gains from tourism had not been spread evenly and broad structural reforms were needed to diversify the economy, encourage greater private investment, and reduce income and job disparities between the capital Malé and outer atolls.
Speaking in the ceremony, Finance Minister Abdullah Jihad had given the assurance that the Government will seek to push forward the planned economic policies for development of the nation. He added that this study will assist in implementing the economic policies of the Government and will be used to draft the 2016 budget.
The country diagnostic study, Maldives: Overcoming the Challenges of a Small Island State, was released by Vice President Ahmed Adeeb Abdul Ghafoor.
Maldives has gained economic successes: ADB
