The Maldives economy is growing at an average
of over 10 percent since the past two decades. Tourism is the main
industry, contributing almost 15 percent to the GDP. Fisheries and
trade follow close behind. The Maldivian economy is regarded as
exemplary in the region, and welcomes foreign investment.
Maldives is one of the fast developing nations of the world. The
country has taken important steps to develop itself and put itself
on the path of economic growth and advancement.
Maldives economy mainly consists of tourism and
fisheries. These are the major industries of the country. Fishing is
the major industry of this country. It contributes more than 15% to
the country's GDP and employs 30% of its human resource. In fact,
fishing is the primary occupation of the people living in this
country. The government of the country has taken major steps to
develop the fisheries sector. The government introduced mechanized
fishing boats in 1974 and also set up a fish canning plant in the
island of Felivaru in the year 1977. A Fisheries Advisory Board was
also set up in 1979, which provides guidelines for developing the
fisheries sector. The growth of the fisheries sector was further
enhanced by the setting up of the Exclusive Economic Zone for
fisheries in Maldives.
Tourism is another major industry of the country. The government
over the recent years has taken major steps to develop the tourism
sector. The sector provides both direct and indirect employment to
large section of the country's population. There are numerous resort
and hotels that have come up over here where the tourists come and
stay during their vacations. The opportunities to take part in
numerous water-based activities also attract tourists over here.
Tourism is the main foreign exchange earner and contributes nearly
20% to the country's GDP or Gross Domestic Product. The growth of
the tourism sector also led to the growth of Cottage Industries in
the country. Mat weaving, lacquer work and handicrafts have received
a lot of spurt and growth over the past few years.
Apart from these, other industries that have currently come up in
the country include, printing, brick making, garment manufacturing,
marine engine repairs, manufacture of PVC pipes and others.
The Maldives Economy is growing slowly but
steadily. In 1989 the government lifted import quotas and embarked
on a policy of liberalization. Certain sectors of trade were
liberalized during this time. The Gross domestic product grew at an
average rate of 10% in the 1980s, and about 7% in the 1990s.
The economy of Maldives has registered a
significant growth over the past few years. The country's economic
policies and the numerous industries that have come up are examples
of its growth and progress.
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