Maldives' economy expected to grow rapidly: ADB

The Asian Development Bank (ADB) has said the Maldives' economy is expected to become the fastest-growing economy in Asia.

The Asian Development Outlooks (ADO) report published annually by ADB states that the Maldives economy is expected to grow most rapidly among the developing countries of Asia and the Pacific. According to ADB, the increase in the growth trajectory is due to the revival of tourism, accelerating economic growth.

The report stated that the Russian invasion of Ukraine had created uncertainty over the economic prospects of countries that are important for the Maldives' tourism industry. Although tourist arrivals from Russia are expected to fall sharply due to sanctions against the country, the Maldives' economy is expected to grow due to the recovery of the construction sector, said ADB.