Currently, GDP stands at USD 6.9 billion, meaning the government must increase productivity by USD 4 billion over the next three years to achieve its target.
Maldives' GDP is projected to reach USD 10 billion by 2028 through the implementation of an economic reform agenda, Finance Minister Moosa Zameer said today.
While presenting the budget for 2025, the minister emphasized that the government aims to establish economic hubs by the end of this presidential term. This will involve developing urban centers across the country to foster regional development.
Currently, GDP stands at USD 6.9 billion, meaning the government must increase productivity by USD 4 billion over the next three years to achieve its target.
GDP measures the monetary value of all goods and services produced and supplied in the country over a specific period, and its growth relies on advancements across all economic sectors.
"Housing is essential to ensure that economic growth benefits all citizens equally. Previous governments have made efforts to provide housing, but the problem remains unresolved," Zameer said.
He said that the primary challenge in implementing the budget and achieving President Muizzu's vision is the current fiscal situation.
“The consequences of years spent delaying measures to cut government spending and running large deficit budgets have led to increased government debt and necessitated systemic changes to align spending with revenue,” the Minister said.
The government has presented a budget of MVR 56.6 billion for the coming year.
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