Open for Business: How Maldives Overcame the COVID-19 Crisis
Publication | December 2023
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The pandemic’s devastating impact on tourism-dependent Maldives highlighted the need to diversify its economy to reduce macroeconomic instability and insulate it against future shocks.
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This brief assesses how border closures and travel restrictions sparked a steep economic recession, which tested the finances, resources, and infrastructure of the nation of 1,000-plus islands. Analyzing how a coordinated response allowed Maldives to quickly reopen its borders, the brief shows how boosting the country’s fishing industry and expanding its services sector can broaden its economic base and cut its reliance on tourism.
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