Economic Minister Mohamed Saeed has announced President Dr. Mohamed Muizzu’s ambitious goal to raise the Maldives’ real GDP to USD 12 billion.
This statement was made at the inauguration of a significant development project for the Velana International Airport (VIA) on Thursday evening.
Minister Saeed highlighted that the project is designed to increase tourist arrivals and cargo volume while aiming to bring down fuel prices. He emphasized the project’s pivotal role in enhancing the Maldives’ GDP.
“President Muizzu is committed to elevating our GDP to USD 12 billion or even beyond,” Saeed remarked. He noted that the current GDP of the Maldives stands at around USD 6 billion.
To reach this ambitious GDP target, Saeed pointed out the necessity of increasing annual tourist numbers to between four and five million. “Our data indicates that attracting at least four to five million tourists yearly is essential to boost our GDP to the USD 12 billion mark. Failing to achieve this will lead to a growing annual deficit and escalating state debt,” he explained.
Saeed also recognized the direct correlation between the GDP of the Maldives and the influx of tourists, a link that has become increasingly evident in recent years.
The development project at VIA is planned to span 20 years, marking a significant long-term investment in the nation’s infrastructure and economic growth.