Maldives' economic growth will not even reach one percent this year: Saif
18 އޯގަސްޓު 2026 | އަންގާރަ 11:54Saif Fathih stated that the Asian Development Bank (ADB) projects the Maldives' economic growth to fall below one percent this year. He highlighted that as the dollar rate climbs and inflation rises, the public is facing severe hardships due to the government's wasteful spending and ongoing job dismissals.
From RaajjeTV's "Fala Surukhee" program. | Raajje MV
Former Male' City Councilor Saif Fathih has stated that the Maldives' economic growth rate will fail to reach even one percent in the upcoming year of 2026.
Speaking on RaajjeTV’s "Fala Surukhee" program on Tuesday, Saif noted that at the beginning of this year, economic growth was projected to be between three and four percent. However, he stated that the Asian Development Bank (ADB) now estimates this figure has fallen to 0.7 percent.
At the beginning of this year, overall economic growth was projected to be between three and four percent. However, revised estimates now suggest that the Maldives' economic growth will not even reach one percent this year. Based on the current situation, the Asian Development Bank (ADB) forecasts that growth will stand at just 0.7 percent.Saif Fathih
Saif stated that the current eight percent rise in the price of essential goods in the Maldives is a direct result of the strengthening dollar and the subsequent increase in the cost of imported commodities.
Saif stated that as the cost of living continues to rise without corresponding salary increases, the dismissal of thousands of employees is causing immense hardship for the public.
The cost of essential goods and services has surged by eight percent between June and July. How is anyone expected to survive here? While the cost of living skyrockets, salaries remain stagnant. On top of this, the government is inflicting further hardship by preparing to terminate 13,000 employees.Saif Fathih
He further stated that the rising value of the dollar is a direct result of the government's failure to stabilize the country's economy. Additionally, Saif noted that the continued appreciation of the dollar is being driven by wasteful state spending.
Approximately a year and a half ago, President Dr. Mohamed Muizzu stated that the value of the dollar would not rise further. However, the exchange rate on the black market has now surpassed 23 Rufiyaa per dollar.
As citizens express growing concern over the rising value of the dollar, Economic Minister Saeed has stated that the primary reason for the hike is the anxiety being incited among the public by news outlets.
