Maldives Economic Update, September 2011

Tourism sector growth continues to be robust in 2011, consolidating the strong rebound in real Gross Domestic Product, or GDP growth in 2010. Real GDP growth is estimated to be 8.3 percent in 2011, down from 9.9 percent in 2010. Fast growing touris...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2017
Subjects:	ACCESS TO FINANCIAL SERVICES ACCOUNTING ADVERSE SELECTION ASSETS AVERAGE OIL PRICES BALANCE OF PAYMENTS BANK ACCOUNTS BANK DEBT BANKING PROJECT BANKING SECTOR BANKS BASIS POINTS BENCHMARK BID BILLS CAPITAL FLOWS COMMODITIES COMMODITY COMMODITY PRICES CONSUMER PRICE INFLATION CONTROLLED PRICES CORPORATE PROFIT TAX CORPORATE PROFITS CORPORATE TAX CURRENCY PAYMENT CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS DUTIES DEBT DEBT CRISIS DEBT SUSTAINABILITY DEFICIT FINANCING DEPOSITS DEPRECIATION DEVALUATION DEVELOPMENT POLICY DISBURSEMENT DOMESTIC BANKING DOMESTIC BANKING SECTOR DUMPING ECONOMIC DEVELOPMENTS ECONOMIC REFORMS EMPLOYERS ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL RISKS EXCHANGE RATE EXCHANGE RATE REGIME EXCHANGE-RATE EXPENDITURE EXPORTS EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL FINANCING FINANCIAL MANAGEMENT FINANCIAL SERVICES FINANCING REQUIREMENTS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FISCAL POSITION FIXED EXCHANGE RATE FIXED EXCHANGE RATE REGIME FIXED RATE FOOD PRICE FOOD PRICES FORECASTS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING FOREIGN RESERVES GLOBAL CLIMATE GOVERNMENT EXPENDITURES GOVERNMENT FINANCES GOVERNMENT PAPER GOVERNMENT REVENUE GOVERNMENT SECURITIES HIGH INFLATION IMPORT IMPORT CONTENT IMPORT DUTIES IMPORT DUTY IMPORT GROWTH IMPORTS INCOME TAX INFLATION INSTRUMENT INTEREST PAYMENTS INTERNAL AUDITS INTERNATIONAL RESERVES KEY RISKS LEASE PAYMENTS LEVY LOAN LOAN PROGRAM M1 M2 MOBILE PHONE MONETARY AUTHORITY OIL PRICES OUTPUT PARALLEL MARKET PAYMENT SYSTEM PENSION PENSION SYSTEM PERSONAL INCOME PHONE BANKING PORTFOLIO POVERTY REDUCTION PRICE INCREASES PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXTERNAL DEBT REAL GDP RECEIPTS RECURRENT EXPENDITURE RESERVES SAVINGS SCHOLARSHIP SCHOLARSHIPS SHORT-TERM FOREIGN LIABILITIES SLOWDOWN SOCIAL PROTECTION SUPPLY CONSTRAINTS SUSTAINABILITY ANALYSIS T-BILL T-BILL RATES TAX TAX COLLECTION TAX COLLECTIONS TAX RATE TAX REFORMS TAX REGIME TAX REVENUES TAX SYSTEM TAXATION TEMPORARY FINANCING TOTAL REVENUE TRADE DEFICIT TRADING TRANCHE TRANSPARENCY TREASURY UNCERTAINTIES UNCERTAINTY WAGES WITHHOLDING TAX
Online Access:	http://documents.worldbank.org/curated/en/640291468282319768/Maldives-economic-update-September-2011 http://hdl.handle.net/10986/27074

Description
Summary:	Tourism sector growth continues to be robust in 2011, consolidating the strong rebound in real Gross Domestic Product, or GDP growth in 2010. Real GDP growth is estimated to be 8.3 percent in 2011, down from 9.9 percent in 2010. Fast growing tourism receipts are supporting higher than expected government revenue outcomes. Recently introduced tax reforms, particularly the tourism goods and services tax, will put medium term fiscal sustainability on a firmer footing. Nevertheless, fiscal consolidation remains the policy priority for the authorities. Discussions with the International Monetary Fund or IMF on a program of support will resume this quarter. to see if agreement can be reached on measures that ensures medium-term fiscal and debt sustainability Domestic financing of the unsustainable fiscal deficit and rising international commodities prices continue to put pressure on the demand for foreign currency. Consequently, foreign reserves have resumed their downward trend after the boost from one-off privatization receipts. Uncertainty related to the recent devaluation of the Rufiyaa has subsided, but it is still trading at the upper end of the band and there remains an approximately 10 percent parallel market premium. The inflationary effects of the devaluation are now being felt with consumer price inflation rising to double digits in recent months.

Maldives Economic Update, September 2011

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