Maldives Development Update, April 2014
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World Bank, Washington, DC
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Real GDP growth in Maldives stood at 3.7
percent in 2013 and its outlook is positive at 4.5 percent
for 2014. The tourism demand is slowly picking up and has a
positive impact on growth in the non- tourism sectors.
Chinese tourists continue to compensate for the weaker
demand from Europe, but overall the length of stay has
declined, as well as spending per tourist. Growth while
dynamic was less inclusive, as the tourism industry is
operating on an enclave model of development. The share of
GDP from the primary sector, agriculture, mining and
fisheries that employ the largest share of Maldivians in the
outer atolls, was less than 0.3 percent of GDP in 2013.
Loose fiscal policy in a context of moderating economic
growth has led to rising macroeconomic imbalances. While
revenue collection has been strong, over the past five years
the gap between revenues and expenditures has widened,
financed through unsustainable levels of public debt at
increasing interest rates. The 2014 Budget comes with a
record high envelope of MVR 17.95 billion (around 50 percent
of GDP), about MVR 3 billion in new revenue measures, and an
estimated 3.2 percent financing gap. Financing such high
level of spending and meeting this ambitious financing gap
would be difficult. Cash management will be tight through
2014. Inflation moderated to 6 percent in 2013 in 2013
although food inflation remained high.
Palabras clave
ACCESS TO CREDIT, ADVERSE EFFECTS, AFFORDABILITY, AGRICULTURE, ARBITRATION, ARREARS, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BANK LENDING, BANKING PROJECT, BENEFICIARIES, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, BUSINESS REGULATIONS, CAPITAL INVESTMENT, CAPITAL MARKET, CASH MANAGEMENT, COMMERCIAL BORROWING, COMPETITIVENESS, CONTROLLED PRICES, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNT DEFICITS, DEBT FINANCING, DEFICIT FINANCING, DEFICITS, DIVIDENDS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC INFLATION, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIES OF SCALE, EDUCATION SYSTEM, ELECTRICITY, EMPLOYEE, EMPLOYER, EMPLOYERS, ENROLLMENT, ENROLMENT RATE, ENVIRONMENTAL MANAGEMENT, EXCHANGE RATE, EXPATRIATE, EXPENDITURE, EXPENDITURES, EXPORTS, EXPOSURE, FINANCES, FINANCIAL SERVICES, FISCAL BURDEN, FISCAL DEFICIT, FISCAL POLICY, FOOD PRICES, FOREIGN CURRENCY, FOREIGN EXCHANGE, FORMAL BANKING, GDP PER CAPITA, GENDER, GOVERNMENT FINANCES, GOVERNMENT REVENUE, HIGH INTEREST RATES, HOUSEHOLD INCOME, HOUSEHOLDS, HUMAN CAPITAL, HUMAN CAPITAL DEVELOPMENT, HUMAN DEVELOPMENT, IMPORT DUTY, INEQUALITY, INFLATION, INSOLVENCY REGIME, INSURANCE, INTEREST PAYMENTS, INTEREST RATES, INTERNATIONAL DEVELOPMENT, INTERNATIONAL RESERVES, INVESTMENT CLIMATE, INVESTMENT INSTRUMENT, INVESTMENT OPTIONS, INVESTMENT PORTFOLIO, INVESTMENT STRATEGY, LEGAL PROTECTIONS, LIFE EXPECTANCY, LOW-INCOME COUNTRY, MACROECONOMIC CONDITIONS, MARKET SHARE, MARKET SIZE, MATURITY, MDP, MIDDLE INCOME COUNTRIES, MOBILE PHONE, MONETARY AUTHORITY, NET WORTH, OIL PRICES, PENSION, PENSION LAW, PENSION PROVISIONS, PENSION REFORM, PENSION SYSTEM, PENSION SYSTEM REFORM, PENSIONS, PHONE BANKING, POLITICAL STABILITY, POWER PARITY, PRIVATE SECTOR, PROTECTION OF MINORITY SHAREHOLDERS, PUBLIC, PUBLIC DEBT, PUBLIC EMPLOYMENT, PUBLIC FINANCE, PUBLIC SCHOOLS, PUBLIC SECTOR, PUBLIC SECTOR EMPLOYMENT, PUBLIC SERVANTS, PUBLIC SERVICE, PUBLIC SPENDING, PUBLIC UTILITY, REAL GDP, REAL GROWTH RATE, RECEIPTS, REGULATORY ENVIRONMENT, RENEWABLE ENERGY, RESERVES, REVENUE COLLECTION, REVENUE GRANTS, REVENUE TRANSFERS, SAFETY NET, SOCIAL COSTS, SOCIAL PROTECTION, SOCIAL WELFARE, T-BILLS, TAX, TAX COLLECTION, TAX REVENUE, TAX REVENUES, TECHNICAL ASSISTANCE, TECHNICAL SUPPORT, TELECOMMUNICATIONS, TOTAL REVENUE, TRADING, TREASURY, TREASURY BILLS, TRUST FUND, TRUST FUNDS, UNEMPLOYMENT, UNEMPLOYMENT RATE, WAGES, WELFARE STATES, WORLD MARKETS