马尔代夫发展更新，2025年10月
© [2025] International Bank for Reconstruction and Development / The World Bank1818 H Street NWWashington,DC 20433Telephone: 202-473-1000Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations,and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board ofExecutive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this workand does not assume responsibility for any errors, omissions, or discrepancies in the information, or liabilitywith respect to the use of or failure to use the information, methods, processes, or conclusions set forth. Theboundaries, colors, denominations, and other information shown on any map in this work do not imply anyjudgment on the part of The World Bank concerning the legal status of any territory or the endorsement oracceptance of such boundaries. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privilegesand immunities of The World Bank, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of itsknowledge, this work may be reproduced, in whole or in part, fornon-commercialpurposes as long as fullattribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications,TheWorld Bank,1818 H Street NW,Washington,DC 20433,USA;fax:202-522-2625;e-mail:pubrights@worldbank.org. Photo Credits Cover,PartsA.1,A.2andB:Erdem Atas Preface The Maldives Development Update (MDU) has two main goals. First, it takes the pulse of the Maldivian economy byoutlining key developments over the past 12 months. Placing these in a global context, and based on these recentdevelopments, the MDU then analyzes the outlook over the medium term. Second, every other edition of the MDUprovides a more in-depth investigation of selected economic and policy issues. It has a wide audience, including policymakers, policy analysts from think tanks or nongovernmental organizations, and business and financial sector professionalsinterested in the economic development of Maldives. The report was prepared based on published data available on or before September 8, 2025. Data sources include theWorld Bank, International Monetary Fund, Ministry of Finance and Planning, Maldives Monetary Authority, MaldivesBureau of Statistics, Ministry of Tourism and Environment, and press reports. Previous report editions: •April2025: Maldives Development Updatehttps://openknowledge.worldbank.org/entities/publication/57fb0365-2b75-44c0-9962-cba68da6e93a•October 2024: Maldives Development Update: Seeking Stability in Turbulent Timeshttps://openknowledge.worldbank.org/entities/publication/44b2ff24-f864-4065-aee7-fc03b21b9fe8•May 2024: Maldives Development Update: Scaling Back and Rebuilding Buffershttps://openknowledge.worldbank.org/entities/publication/acbc24eb-8fc1-4b94-8492-a41e4e41dd2f To receive the MDU and related publications by email, please emailinfomaldives@worldbank.org.For questions andcomments, please emailrcheng@worldbank.organdeatas@worldbank.org. For information about the World Bank and its activities in Maldives, please visit: https://www.worldbank.org/en/country/maldives@WorldBank,@WBMaldives, follow hashtag#MDUAM25www.facebook.com/WorldBankSouthAsiainstagram.com/worldbank/www.linkedin.com/company/the-world-bank Table of Contents Preface………………………………………………………………………………………………………………iiAbbreviations.........................................................................................................................................................iiiTable of Contents...................................................................................................................................................ivEXECUTIVE SUMMARY..................................................................................................5A1.ECONOMIC UPDATE..............................................................................................81.Growth moderated in early 2025, while inflationary pressures have increased..............................................82.Public expenditures fell in 2025, driven by liquidity challenges, but this was also likely accompanied byrising expenditure arrears............................................................................................................................103.Public debt and external debt servicing continue to increase.......................................................................124.Household welfare is threatened by slowing growth and fiscal vulnerabilities.............................................135.External pressures remain, which have strained FX reserves....................................
