Economic Minister predicts boom in economic activity next year

Minister of Economic Development and Trade Mohamed Saeed has predicted a boom in economic activity next year. He made the remarks during the “Transforming Tomorrow” ceremony, held to launch several major initiatives by Housing Development Corporation (HDC). In his address, Minister Saeed reflected on the difficult economic and financial situation, when President Dr. Mohamed Muizzu assumed office. Highlighting that despite the lack of funds allocated for projects in this year’s state budget, he revealed that steps were taken forward to overcome the challenges, with the wise advice of the president. The minister stated that the greatest portion of the state budget 2025 was allocated for housing. He expressed optimism in seeing the economic growth by 7% next year. During the ceremony, Minister Saeed shed light on the economic situation of the Maldives. Noting that the Sovereign Development Fund stood at USD two million when the current administration assumed office, he disclosed that the funds have increased to USD78 million. The minister further revealed that efforts are underway to give legal authority to the fund. Additionally, Minister Saeed anticipated that the GDP, which currently stands at USD6.5 billion, will increase to USD10 billion by 2028. He also expressed confidence that the upcoming year holds promising economic prospects.