Maldives Development Update, April 2014

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dc.creatorGomez Osorio, Camilo
dc.creatorAbeygunawardana, Kishan
dc.creatorSun, Changqing
dc.creatorSubasinghe, Shalika
dc.date2014-06-12T20:54:51Z
dc.date2014-06-12T20:54:51Z
dc.date2014-04
dc.date.accessioned2026-07-01T00:43:43Z
dc.descriptionReal 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.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2014/04/19402100/maldives-development-update
dc.identifierhttps://hdl.handle.net/10986/18654
dc.identifierhttps://doi.org/10.1596/18654
dc.identifier.urihttp://hdl.handle.net/123456789/409997
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CREDIT
dc.subjectADVERSE EFFECTS
dc.subjectAFFORDABILITY
dc.subjectAGRICULTURE
dc.subjectARBITRATION
dc.subjectARREARS
dc.subjectBALANCE OF PAYMENT
dc.subjectBALANCE OF PAYMENTS
dc.subjectBANK LENDING
dc.subjectBANKING PROJECT
dc.subjectBENEFICIARIES
dc.subjectBUSINESS CLIMATE
dc.subjectBUSINESS ENVIRONMENT
dc.subjectBUSINESS REGULATIONS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL MARKET
dc.subjectCASH MANAGEMENT
dc.subjectCOMMERCIAL BORROWING
dc.subjectCOMPETITIVENESS
dc.subjectCONTROLLED PRICES
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectDEBT FINANCING
dc.subjectDEFICIT FINANCING
dc.subjectDEFICITS
dc.subjectDIVIDENDS
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectDOMESTIC INFLATION
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIES OF SCALE
dc.subjectEDUCATION SYSTEM
dc.subjectELECTRICITY
dc.subjectEMPLOYEE
dc.subjectEMPLOYER
dc.subjectEMPLOYERS
dc.subjectENROLLMENT
dc.subjectENROLMENT RATE
dc.subjectENVIRONMENTAL MANAGEMENT
dc.subjectEXCHANGE RATE
dc.subjectEXPATRIATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORTS
dc.subjectEXPOSURE
dc.subjectFINANCES
dc.subjectFINANCIAL SERVICES
dc.subjectFISCAL BURDEN
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL POLICY
dc.subjectFOOD PRICES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EXCHANGE
dc.subjectFORMAL BANKING
dc.subjectGDP PER CAPITA
dc.subjectGENDER
dc.subjectGOVERNMENT FINANCES
dc.subjectGOVERNMENT REVENUE
dc.subjectHIGH INTEREST RATES
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLDS
dc.subjectHUMAN CAPITAL
dc.subjectHUMAN CAPITAL DEVELOPMENT
dc.subjectHUMAN DEVELOPMENT
dc.subjectIMPORT DUTY
dc.subjectINEQUALITY
dc.subjectINFLATION
dc.subjectINSOLVENCY REGIME
dc.subjectINSURANCE
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL RESERVES
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT INSTRUMENT
dc.subjectINVESTMENT OPTIONS
dc.subjectINVESTMENT PORTFOLIO
dc.subjectINVESTMENT STRATEGY
dc.subjectLEGAL PROTECTIONS
dc.subjectLIFE EXPECTANCY
dc.subjectLOW-INCOME COUNTRY
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMARKET SHARE
dc.subjectMARKET SIZE
dc.subjectMATURITY
dc.subjectMDP
dc.subjectMIDDLE INCOME COUNTRIES
dc.subjectMOBILE PHONE
dc.subjectMONETARY AUTHORITY
dc.subjectNET WORTH
dc.subjectOIL PRICES
dc.subjectPENSION
dc.subjectPENSION LAW
dc.subjectPENSION PROVISIONS
dc.subjectPENSION REFORM
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEM REFORM
dc.subjectPENSIONS
dc.subjectPHONE BANKING
dc.subjectPOLITICAL STABILITY
dc.subjectPOWER PARITY
dc.subjectPRIVATE SECTOR
dc.subjectPROTECTION OF MINORITY SHAREHOLDERS
dc.subjectPUBLIC
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EMPLOYMENT
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC SCHOOLS
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SECTOR EMPLOYMENT
dc.subjectPUBLIC SERVANTS
dc.subjectPUBLIC SERVICE
dc.subjectPUBLIC SPENDING
dc.subjectPUBLIC UTILITY
dc.subjectREAL GDP
dc.subjectREAL GROWTH RATE
dc.subjectRECEIPTS
dc.subjectREGULATORY ENVIRONMENT
dc.subjectRENEWABLE ENERGY
dc.subjectRESERVES
dc.subjectREVENUE COLLECTION
dc.subjectREVENUE GRANTS
dc.subjectREVENUE TRANSFERS
dc.subjectSAFETY NET
dc.subjectSOCIAL COSTS
dc.subjectSOCIAL PROTECTION
dc.subjectSOCIAL WELFARE
dc.subjectT-BILLS
dc.subjectTAX
dc.subjectTAX COLLECTION
dc.subjectTAX REVENUE
dc.subjectTAX REVENUES
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTECHNICAL SUPPORT
dc.subjectTELECOMMUNICATIONS
dc.subjectTOTAL REVENUE
dc.subjectTRADING
dc.subjectTREASURY
dc.subjectTREASURY BILLS
dc.subjectTRUST FUND
dc.subjectTRUST FUNDS
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATE
dc.subjectWAGES
dc.subjectWELFARE STATES
dc.subjectWORLD MARKETS
dc.titleMaldives Development Update, April 2014

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