Economic decline last year: World Bank

World Bank has revealed that the country experienced an economic decline last year due to a delay in the completion of new projects.

The first Economic Prospectus released by the World Bank this year stated that while tourism thrived in 2019, the economy as a whole declined. Furthermore, a fall in construction work was identified as a cause.

As such, economic development was at 5.2% last year, lesser than the estimated amount.

According to a report issued by the World Bank based on the world economy, Maldives' economic development is estimated to be around 5.5% this year and 5.6% in the coming year. The report further stated that inflation would be contained at the same level this year.

Regardless of the World Bank's estimation, the Ministry of Finance and Maldives Monetary Authority (MMA) have declared that there will be 7.5% economic development this year.