Maldives

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Maldives - In Short.

Overview of Maldives

A sultanate since the 12th century, the Maldives became a British protectorate in 1887. The islands became a republic in 1968, three years after independence. President Maumoon Abdul GAYOOM dominated Maldives’ political scene for 30 years, elected to six successive terms by single-party referendums. Following political demonstrations in the capital Male in August 2003, GAYOOM and his government pledged to embark upon a process of liberalization and democratic reforms, including a more representative political system and expanded political freedoms. Political parties were legalized in 2005. In June 2008, a constituent assembly – termed the “Special Majlis” – finalized a new constitution ratified by GAYOOM in August 2008. The first-ever presidential elections under a multi-candidate, multi-party system were held in October 2008. GAYOOM was defeated in a runoff poll by Mohamed NASHEED, a political activist who had been jailed several years earlier by the GAYOOM regime. In early February 2012, after several weeks of street protests in response to his ordering the arrest of a top judge, NASHEED purportedly resigned the presidency and handed over power to Vice President Mohammed WAHEED Hassan Maniku. A government-appointed Commission of National Inquiry concluded there was no evidence of a coup, but NASHEED contends that police and military personnel forced him to resign. NASHEED, WAHEED, and Abdulla YAMEEN Abdul Gayoom ran in the 2013 elections with YAMEEN ultimately winning the presidency after three rounds of voting. As president, YAMEEN weakened democratic institutions, curtailed civil liberties, jailed his political opponents, restricted the press, and exerted control over the judiciary to strengthen his hold on power and limit dissent. In September 2018, YAMEEN lost his reelection bid to Ibrahim Mohamed SOLIH, a parliamentarian of the Maldivian Democratic Party (MDP), who had the support of a coalition of four parties that came together to defeat YAMEEN and restore democratic norms to Maldives. In April 2019, SOLIH’s MDP won 65 of 87 seats in parliament.
Value
Country Full Name
Maldives
Country Code
MDV
Region
South Asia
Income Group
Upper middle income
Currency Unit
GDP
3742769967
Population
540542
Land Area
300
Net National Income Per Capita
5623.401441
GDP per Capita (PPP)
13443.48259

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Maldives - Economic

Economy of Maldives

Maldives has quickly become a middle-income country, driven by the rapid growth of its tourism and fisheries sectors, but the country still contends with a large and growing fiscal deficit. Infrastructure projects, largely funded by China, could add significantly to debt levels. Political turmoil and the declaration of a state of emergency in February 2018 led to the issuance of travel warnings by several countries whose citizens visit Maldives in significant numbers, but the overall impact on tourism revenue was unclear.In 2015, Maldives’ Parliament passed a constitutional amendment legalizing foreign ownership of land; foreign land-buyers must reclaim at least 70% of the desired land from the ocean and invest at least $1 billion in a construction project approved by Parliament.Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are near-term challenges facing the government. Over the longer term, Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level.

Unemployment Rate

Inflation Rate

Maldives - GDP Composition

GDP Composiiton & Value Added of Maldives

Last Updated: Jan, 2021, Updated For 2020.

Maldives - GDP, Value Added

Demographics of Maldives

about a third of the population lives in the centrally located capital city of Male and almost a tenth in southern Addu City; the remainder of the populace is spread over the 200 or so populated islands of the archipelago
Geographic Location

Southern Asia, group of atolls in the Indian Ocean, south-southwest of India

Races

homogeneous mixture of Sinhalese, Dravidian, Arab, Australasian, and African resulting from historical changes in regional hegemony over marine trade routes

Languages

Dhivehi (official, dialect of Sinhala, script derived from Arabic), English (spoken by most government officials)

Religion

Sunni Muslim (official)

Dependency & Expectancy of Maldives

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Maldives - Social Media Briefing

Maldives - Social Media & Social Commerce

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Politics & Policies of Maldives

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, AOSIS, C, CP, FAO, G-77, IBRD, ICAO, ICC (NGOs), ICCt, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ITU, MIGA, NAM, OIC, OPCW, SAARC, SACEP, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Maldives

Export of Maldives

Import Destination

Export Destination