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ADB Briefs No. 281: Open for Business: How Maldives Overcame the COVID-19 Crisis

Summary

Maldives' economy heavily relies on tourism, which was severely impacted by border closures and travel restrictions during the COVID-19 pandemic, leading to economic recession and fiscal challenges.

Key Recommendations

• Diversify the economy to reduce tourism dependence and enhance resilience against external shocks.
• Expand higher-value fisheries exports and bolster the service sector leveraging South Asia's connectivity.
• Enhance public health infrastructure and regional imports through connectivity to improve crisis management capabilities.

Report Overview

• Tourism Impact: Major economic recession due to the collapse of tourist arrivals during early pandemic restrictions.
• Government Response: Multisector coordination via a national task force, rapid vaccination campaigns with high priority on vulnerable groups, and incremental border reopening with strict protocols.

Legacy of COVID-19

• Border closures and travel restrictions restricted tourism flow significantly, leading to job losses and economic stagnation in 2020.
• Despite the setbacks, Maldives managed to recover quickly via coordinated fiscal and health measures.

Full Report
Available at the Asian Development Bank