IMF estimates promising growth for Maldivian economy in 2021

The International Monetary Fund (IMF) has projected growth in the Maldivian economy next year.

In the World Economic Outlook published by the IMF, the Maldivian economy is projected to fall by 8.1 percent. However, a surge of 13.2 percent is expected for the economy next year.

The World Bank has previously estimated that the country would suffer the most from the pandemic virus situation. The World Bank projections showed a drop of 8 to 13 percent for the Maldivian economy.

The IMF estimated that the Asian economy would suffer a halt in growth for the first time in 60 years. During the financial crisis of 1997 and 2008, the IMF noted that the economic growth had not reached a complete standstill.

“These are days where uncertainties and challenges are posed to the world economy. Asia Pacific region is also in the same situation. Due to the Coronavirus, the economy of the region will suffer unprecedented effects.” said Changyong Rhee, Director of the Asia and Pacific Department of IMF.

The IMF called on governments to assist companies suffering from the negative impacts of the virus before noting that the Asian economy could see a growth of 1 percent in 2021.