President Solih: GDP will hit MVR 177 billion in five years

President Ibrahim Mohamed Solih has remarked that Maldives’ GDP will hit MVR 177 billion within the next five years.

Speaking at the inauguration ceremony of Addu reclamation project on Saturday, President Solih said the work undertaken by his administration during these five years has increased hope of Maldives’ being built upon a powerful economy.

In this trajectory, he said the biggest feat that can be achieved within a short period of time is doubling the GDP by the end of 2028.

“Five years ago, in 2018, Maldives’ GDP stood at MVR 81 billion. The GDP can be doubled in the next five years; to MVR 177 billion in 2028. We are undertaking all necessary steps to reach this target,” he said.

However, he noted that GDP, last year, stood lower than anticipated. As per statistics, GDP stood at MVR 92 billion at the end of last year.

President Solih added that the government was setting up pillars in the northern and southern regions to positively contribute to the country’s economy, subsequent to which, they would aid in enhancing the country’s economy in its entirety.

He emphasized that an ideal state cannot be attained without ensuring nationwide development.

Highlighting the development projects underway at Addu City, the southernmost atoll in the Maldives, President Solih expressed his administration’s commitment to the comprehensive development of Addu City, recognizing its potential to become the region's primary economic hub.

The administration is dedicated to creating a vibrant and prosperous city that offers a multitude of socioeconomic opportunities for its residents, fostering growth, and driving sustainable development in the region, through an array of projects he said.