Maldives Development Update, April 2014
Real 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.
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dig-okr-1098618654 |
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Banco Mundial |
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Estados Unidos |
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Bibliográfico |
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En linea |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
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English en_US |
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ACCESS TO CREDIT ADVERSE EFFECTS AFFORDABILITY AGRICULTURE ARBITRATION ARREARS BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANKING PROJECT BENEFICIARIES BUSINESS CLIMATE BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL INVESTMENT CAPITAL MARKET CASH MANAGEMENT COMMERCIAL BORROWING COMPETITIVENESS CONTROLLED PRICES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FINANCING DEFICIT FINANCING DEFICITS DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIES OF SCALE EDUCATION SYSTEM ELECTRICITY EMPLOYEE EMPLOYER EMPLOYERS ENROLLMENT ENROLMENT RATE ENVIRONMENTAL MANAGEMENT EXCHANGE RATE EXPATRIATE EXPENDITURE EXPENDITURES EXPORTS EXPOSURE FINANCES FINANCIAL SERVICES FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN EXCHANGE FORMAL BANKING GDP PER CAPITA GENDER GOVERNMENT FINANCES GOVERNMENT REVENUE HIGH INTEREST RATES HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT IMPORT DUTY INEQUALITY INFLATION INSOLVENCY REGIME INSURANCE INTEREST PAYMENTS INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT INSTRUMENT INVESTMENT OPTIONS INVESTMENT PORTFOLIO INVESTMENT STRATEGY LEGAL PROTECTIONS LIFE EXPECTANCY LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MARKET SHARE MARKET SIZE MATURITY MDP MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITY NET WORTH OIL PRICES PENSION PENSION LAW PENSION PROVISIONS PENSION REFORM PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PHONE BANKING POLITICAL STABILITY POWER PARITY PRIVATE SECTOR PROTECTION OF MINORITY SHAREHOLDERS PUBLIC PUBLIC DEBT PUBLIC EMPLOYMENT PUBLIC FINANCE PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT PUBLIC SERVANTS PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITY REAL GDP REAL GROWTH RATE RECEIPTS REGULATORY ENVIRONMENT RENEWABLE ENERGY RESERVES REVENUE COLLECTION REVENUE GRANTS REVENUE TRANSFERS SAFETY NET SOCIAL COSTS SOCIAL PROTECTION SOCIAL WELFARE T-BILLS TAX TAX COLLECTION TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TECHNICAL SUPPORT TELECOMMUNICATIONS TOTAL REVENUE TRADING TREASURY TREASURY BILLS TRUST FUND TRUST FUNDS UNEMPLOYMENT UNEMPLOYMENT RATE WAGES WELFARE STATES WORLD MARKETS ACCESS TO CREDIT ADVERSE EFFECTS AFFORDABILITY AGRICULTURE ARBITRATION ARREARS BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANKING PROJECT BENEFICIARIES BUSINESS CLIMATE BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL INVESTMENT CAPITAL MARKET CASH MANAGEMENT COMMERCIAL BORROWING COMPETITIVENESS CONTROLLED PRICES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FINANCING DEFICIT FINANCING DEFICITS DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIES OF SCALE EDUCATION SYSTEM ELECTRICITY EMPLOYEE EMPLOYER EMPLOYERS ENROLLMENT ENROLMENT RATE ENVIRONMENTAL MANAGEMENT EXCHANGE RATE EXPATRIATE EXPENDITURE EXPENDITURES EXPORTS EXPOSURE FINANCES FINANCIAL SERVICES FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN EXCHANGE FORMAL BANKING GDP PER CAPITA GENDER GOVERNMENT FINANCES GOVERNMENT REVENUE HIGH INTEREST RATES HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT IMPORT DUTY INEQUALITY INFLATION INSOLVENCY REGIME INSURANCE INTEREST PAYMENTS INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT INSTRUMENT INVESTMENT OPTIONS INVESTMENT PORTFOLIO INVESTMENT STRATEGY LEGAL PROTECTIONS LIFE EXPECTANCY LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MARKET SHARE MARKET SIZE MATURITY MDP MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITY NET WORTH OIL PRICES PENSION PENSION LAW PENSION PROVISIONS PENSION REFORM PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PHONE BANKING POLITICAL STABILITY POWER PARITY PRIVATE SECTOR PROTECTION OF MINORITY SHAREHOLDERS PUBLIC PUBLIC DEBT PUBLIC EMPLOYMENT PUBLIC FINANCE PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT PUBLIC SERVANTS PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITY REAL GDP REAL GROWTH RATE RECEIPTS REGULATORY ENVIRONMENT RENEWABLE ENERGY RESERVES REVENUE COLLECTION REVENUE GRANTS REVENUE TRANSFERS SAFETY NET SOCIAL COSTS SOCIAL PROTECTION SOCIAL WELFARE T-BILLS TAX TAX COLLECTION TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TECHNICAL SUPPORT TELECOMMUNICATIONS TOTAL REVENUE TRADING TREASURY TREASURY BILLS TRUST FUND TRUST FUNDS UNEMPLOYMENT UNEMPLOYMENT RATE WAGES WELFARE STATES WORLD MARKETS |
| spellingShingle |
ACCESS TO CREDIT ADVERSE EFFECTS AFFORDABILITY AGRICULTURE ARBITRATION ARREARS BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANKING PROJECT BENEFICIARIES BUSINESS CLIMATE BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL INVESTMENT CAPITAL MARKET CASH MANAGEMENT COMMERCIAL BORROWING COMPETITIVENESS CONTROLLED PRICES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FINANCING DEFICIT FINANCING DEFICITS DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIES OF SCALE EDUCATION SYSTEM ELECTRICITY EMPLOYEE EMPLOYER EMPLOYERS ENROLLMENT ENROLMENT RATE ENVIRONMENTAL MANAGEMENT EXCHANGE RATE EXPATRIATE EXPENDITURE EXPENDITURES EXPORTS EXPOSURE FINANCES FINANCIAL SERVICES FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN EXCHANGE FORMAL BANKING GDP PER CAPITA GENDER GOVERNMENT FINANCES GOVERNMENT REVENUE HIGH INTEREST RATES HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT IMPORT DUTY INEQUALITY INFLATION INSOLVENCY REGIME INSURANCE INTEREST PAYMENTS INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT INSTRUMENT INVESTMENT OPTIONS INVESTMENT PORTFOLIO INVESTMENT STRATEGY LEGAL PROTECTIONS LIFE EXPECTANCY LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MARKET SHARE MARKET SIZE MATURITY MDP MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITY NET WORTH OIL PRICES PENSION PENSION LAW PENSION PROVISIONS PENSION REFORM PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PHONE BANKING POLITICAL STABILITY POWER PARITY PRIVATE SECTOR PROTECTION OF MINORITY SHAREHOLDERS PUBLIC PUBLIC DEBT PUBLIC EMPLOYMENT PUBLIC FINANCE PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT PUBLIC SERVANTS PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITY REAL GDP REAL GROWTH RATE RECEIPTS REGULATORY ENVIRONMENT RENEWABLE ENERGY RESERVES REVENUE COLLECTION REVENUE GRANTS REVENUE TRANSFERS SAFETY NET SOCIAL COSTS SOCIAL PROTECTION SOCIAL WELFARE T-BILLS TAX TAX COLLECTION TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TECHNICAL SUPPORT TELECOMMUNICATIONS TOTAL REVENUE TRADING TREASURY TREASURY BILLS TRUST FUND TRUST FUNDS UNEMPLOYMENT UNEMPLOYMENT RATE WAGES WELFARE STATES WORLD MARKETS ACCESS TO CREDIT ADVERSE EFFECTS AFFORDABILITY AGRICULTURE ARBITRATION ARREARS BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANKING PROJECT BENEFICIARIES BUSINESS CLIMATE BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL INVESTMENT CAPITAL MARKET CASH MANAGEMENT COMMERCIAL BORROWING COMPETITIVENESS CONTROLLED PRICES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FINANCING DEFICIT FINANCING DEFICITS DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIES OF SCALE EDUCATION SYSTEM ELECTRICITY EMPLOYEE EMPLOYER EMPLOYERS ENROLLMENT ENROLMENT RATE ENVIRONMENTAL MANAGEMENT EXCHANGE RATE EXPATRIATE EXPENDITURE EXPENDITURES EXPORTS EXPOSURE FINANCES FINANCIAL SERVICES FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN EXCHANGE FORMAL BANKING GDP PER CAPITA GENDER GOVERNMENT FINANCES GOVERNMENT REVENUE HIGH INTEREST RATES HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT IMPORT DUTY INEQUALITY INFLATION INSOLVENCY REGIME INSURANCE INTEREST PAYMENTS INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT INSTRUMENT INVESTMENT OPTIONS INVESTMENT PORTFOLIO INVESTMENT STRATEGY LEGAL PROTECTIONS LIFE EXPECTANCY LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MARKET SHARE MARKET SIZE MATURITY MDP MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITY NET WORTH OIL PRICES PENSION PENSION LAW PENSION PROVISIONS PENSION REFORM PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PHONE BANKING POLITICAL STABILITY POWER PARITY PRIVATE SECTOR PROTECTION OF MINORITY SHAREHOLDERS PUBLIC PUBLIC DEBT PUBLIC EMPLOYMENT PUBLIC FINANCE PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT PUBLIC SERVANTS PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITY REAL GDP REAL GROWTH RATE RECEIPTS REGULATORY ENVIRONMENT RENEWABLE ENERGY RESERVES REVENUE COLLECTION REVENUE GRANTS REVENUE TRANSFERS SAFETY NET SOCIAL COSTS SOCIAL PROTECTION SOCIAL WELFARE T-BILLS TAX TAX COLLECTION TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TECHNICAL SUPPORT TELECOMMUNICATIONS TOTAL REVENUE TRADING TREASURY TREASURY BILLS TRUST FUND TRUST FUNDS UNEMPLOYMENT UNEMPLOYMENT RATE WAGES WELFARE STATES WORLD MARKETS Gomez Osorio, Camilo Abeygunawardana, Kishan Subasinghe, Shalika Sun, Changqing Subasinghe, Shalika Maldives Development Update, April 2014 |
| description |
Real 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. |
| topic_facet |
ACCESS TO CREDIT ADVERSE EFFECTS AFFORDABILITY AGRICULTURE ARBITRATION ARREARS BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANKING PROJECT BENEFICIARIES BUSINESS CLIMATE BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL INVESTMENT CAPITAL MARKET CASH MANAGEMENT COMMERCIAL BORROWING COMPETITIVENESS CONTROLLED PRICES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FINANCING DEFICIT FINANCING DEFICITS DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIES OF SCALE EDUCATION SYSTEM ELECTRICITY EMPLOYEE EMPLOYER EMPLOYERS ENROLLMENT ENROLMENT RATE ENVIRONMENTAL MANAGEMENT EXCHANGE RATE EXPATRIATE EXPENDITURE EXPENDITURES EXPORTS EXPOSURE FINANCES FINANCIAL SERVICES FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN EXCHANGE FORMAL BANKING GDP PER CAPITA GENDER GOVERNMENT FINANCES GOVERNMENT REVENUE HIGH INTEREST RATES HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT IMPORT DUTY INEQUALITY INFLATION INSOLVENCY REGIME INSURANCE INTEREST PAYMENTS INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT INSTRUMENT INVESTMENT OPTIONS INVESTMENT PORTFOLIO INVESTMENT STRATEGY LEGAL PROTECTIONS LIFE EXPECTANCY LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MARKET SHARE MARKET SIZE MATURITY MDP MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITY NET WORTH OIL PRICES PENSION PENSION LAW PENSION PROVISIONS PENSION REFORM PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PHONE BANKING POLITICAL STABILITY POWER PARITY PRIVATE SECTOR PROTECTION OF MINORITY SHAREHOLDERS PUBLIC PUBLIC DEBT PUBLIC EMPLOYMENT PUBLIC FINANCE PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT PUBLIC SERVANTS PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITY REAL GDP REAL GROWTH RATE RECEIPTS REGULATORY ENVIRONMENT RENEWABLE ENERGY RESERVES REVENUE COLLECTION REVENUE GRANTS REVENUE TRANSFERS SAFETY NET SOCIAL COSTS SOCIAL PROTECTION SOCIAL WELFARE T-BILLS TAX TAX COLLECTION TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TECHNICAL SUPPORT TELECOMMUNICATIONS TOTAL REVENUE TRADING TREASURY TREASURY BILLS TRUST FUND TRUST FUNDS UNEMPLOYMENT UNEMPLOYMENT RATE WAGES WELFARE STATES WORLD MARKETS |
| author |
Gomez Osorio, Camilo Abeygunawardana, Kishan Subasinghe, Shalika Sun, Changqing Subasinghe, Shalika |
| author_facet |
Gomez Osorio, Camilo Abeygunawardana, Kishan Subasinghe, Shalika Sun, Changqing Subasinghe, Shalika |
| author_sort |
Gomez Osorio, Camilo |
| title |
Maldives Development Update, April 2014 |
| title_short |
Maldives Development Update, April 2014 |
| title_full |
Maldives Development Update, April 2014 |
| title_fullStr |
Maldives Development Update, April 2014 |
| title_full_unstemmed |
Maldives Development Update, April 2014 |
| title_sort |
maldives development update, april 2014 |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014-04 |
| url |
http://documents.worldbank.org/curated/en/2014/04/19402100/maldives-development-update https://hdl.handle.net/10986/18654 |
| work_keys_str_mv |
AT gomezosoriocamilo maldivesdevelopmentupdateapril2014 AT abeygunawardanakishan maldivesdevelopmentupdateapril2014 AT subasingheshalika maldivesdevelopmentupdateapril2014 AT sunchangqing maldivesdevelopmentupdateapril2014 AT subasingheshalika maldivesdevelopmentupdateapril2014 |
| _version_ |
1807154192053174272 |
| spelling |
dig-okr-10986186542024-08-08T14:04:15Z Maldives Development Update, April 2014 Gomez Osorio, Camilo Abeygunawardana, Kishan Subasinghe, Shalika Sun, Changqing Subasinghe, Shalika ACCESS TO CREDIT ADVERSE EFFECTS AFFORDABILITY AGRICULTURE ARBITRATION ARREARS BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LENDING BANKING PROJECT BENEFICIARIES BUSINESS CLIMATE BUSINESS ENVIRONMENT BUSINESS REGULATIONS CAPITAL INVESTMENT CAPITAL MARKET CASH MANAGEMENT COMMERCIAL BORROWING COMPETITIVENESS CONTROLLED PRICES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FINANCING DEFICIT FINANCING DEFICITS DIVIDENDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC INFLATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIES OF SCALE EDUCATION SYSTEM ELECTRICITY EMPLOYEE EMPLOYER EMPLOYERS ENROLLMENT ENROLMENT RATE ENVIRONMENTAL MANAGEMENT EXCHANGE RATE EXPATRIATE EXPENDITURE EXPENDITURES EXPORTS EXPOSURE FINANCES FINANCIAL SERVICES FISCAL BURDEN FISCAL DEFICIT FISCAL POLICY FOOD PRICES FOREIGN CURRENCY FOREIGN EXCHANGE FORMAL BANKING GDP PER CAPITA GENDER GOVERNMENT FINANCES GOVERNMENT REVENUE HIGH INTEREST RATES HOUSEHOLD INCOME HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT IMPORT DUTY INEQUALITY INFLATION INSOLVENCY REGIME INSURANCE INTEREST PAYMENTS INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT INSTRUMENT INVESTMENT OPTIONS INVESTMENT PORTFOLIO INVESTMENT STRATEGY LEGAL PROTECTIONS LIFE EXPECTANCY LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MARKET SHARE MARKET SIZE MATURITY MDP MIDDLE INCOME COUNTRIES MOBILE PHONE MONETARY AUTHORITY NET WORTH OIL PRICES PENSION PENSION LAW PENSION PROVISIONS PENSION REFORM PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PHONE BANKING POLITICAL STABILITY POWER PARITY PRIVATE SECTOR PROTECTION OF MINORITY SHAREHOLDERS PUBLIC PUBLIC DEBT PUBLIC EMPLOYMENT PUBLIC FINANCE PUBLIC SCHOOLS PUBLIC SECTOR PUBLIC SECTOR EMPLOYMENT PUBLIC SERVANTS PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITY REAL GDP REAL GROWTH RATE RECEIPTS REGULATORY ENVIRONMENT RENEWABLE ENERGY RESERVES REVENUE COLLECTION REVENUE GRANTS REVENUE TRANSFERS SAFETY NET SOCIAL COSTS SOCIAL PROTECTION SOCIAL WELFARE T-BILLS TAX TAX COLLECTION TAX REVENUE TAX REVENUES TECHNICAL ASSISTANCE TECHNICAL SUPPORT TELECOMMUNICATIONS TOTAL REVENUE TRADING TREASURY TREASURY BILLS TRUST FUND TRUST FUNDS UNEMPLOYMENT UNEMPLOYMENT RATE WAGES WELFARE STATES WORLD MARKETS Real 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. 2014-06-12T20:54:51Z 2014-06-12T20:54:51Z 2014-04 http://documents.worldbank.org/curated/en/2014/04/19402100/maldives-development-update https://hdl.handle.net/10986/18654 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ application/pdf text/plain World Bank, Washington, DC |