Digital Technologies Can Help Maldives Build Back Better

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00:00 Greetings,

00:01 everyone.

00:01 I would first like to wish you all a Ramadan Mubarak

00:06 and a year full of peace,

00:08 joy,

00:08 and good health.

00:10 Today,

00:10 I'm very pleased to announce the launch of the Maldives development update

00:14 titled Digital Dawn.

00:16 The Maldivian economy,

00:18 following a massive pandemic-led downturn,

00:21 is firmly on the road to recovery.

00:24 The government of Maldives has shown the world

00:26 that a safe reopening to tourism is possible.

00:29 Since December,

00:31 tourism has picked up strongly thanks to the absence of quarantine requirements

00:35 and the unique one island,

00:37 one resort concept.

00:39 The country received close to 300,000 tourists in the first quarter of 2021,

00:44 and we expect it to be much higher

00:47 by now.

00:48 Assuming that a million tourists visit the Maldives this year,

00:51 real GDP is expected to grow by 17.1%

00:55 in 2021 after contracting by an estimated 28%

01:00 in 2020.

01:02 However,

01:03 the road ahead is challenging.

01:05 And restoring fiscal and debt sustainability is key to recovery.

01:10 Maldives' growth prospects remain positive given

01:12 its strong reputation as a luxury destination

01:15 and given ongoing investments

01:17 in tourism

01:19 infrastructure.

01:20 However,

01:21 the road ahead is challenging,

01:22 and restoring fiscal and debt sustainability is key to recovery.

01:26 Maldives' growth prospects remain positive,

01:29 given its strong reputation

01:31 as a luxury destination

01:33 and ongoing investments in tourism infrastructure.

01:37 However,

01:37 the outlook largely hinges on factors outside the country's control.

01:42 The pace and effectiveness of COVID-19 vaccinations globally,

01:46 and reopening of borders

01:48 by the major tourism

01:50 source markets will play a very important role moving forward.

01:54 Although the recovery is now underway,

01:56 Maldives' fiscal deficit and debt ratios

01:59 are also expected to remain elevated over the medium term

02:03 and require addressing.

02:05 Moving forward,

02:06 digital technologies can act as important catalysts in building back better.

02:11 The COVID-19 pandemic has accelerated the

02:13 digital transformation that was already underway,

02:16 thanks to relatively high broadband and

02:18 mobile internet penetration in the Maldives.

02:21 There is a tremendous potential to use digital technologies to improve

02:25 the delivery of services such as disaster risk management,

02:29 health and education,

02:31 especially to the outer atolls,

02:33 and many,

02:33 many others.

02:35 Digital technologies can be game changers for

02:37 Maldives growth and development if the country

02:40 addresses policy,

02:41 legal,

02:42 and regulatory gaps

02:43 that inhibit their adoption.

02:46 We look forward to working with the people and the government of Maldives

02:50 on this very important growth narrative

02:52 and

02:53 look forward to our continued engagement.

02:55 Thank you very much.

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transcript

Greetings, everyone. I would first like to wish you all a Ramadan Mubarak and a year full of peace, joy, and good health. Today, I'm very pleased to announce the launch of the Maldives development update titled Digital Dawn. The Maldivian economy, following a massive pandemic-led downturn, is firmly on the road to recovery. The government of Maldives has shown the world that a safe reopening to tourism is possible. Since December, tourism has picked up strongly thanks to the absence of quarantine requirements and the unique one island, one resort concept. The country received close to 300,000 tourists in the first quarter of 2021, and we expect it to be much higher by now. Assuming that a million tourists visit the Maldives this year, real GDP is expected to grow by 17.1% in 2021 after contracting by an estimated 28% in 2020. However, the road ahead is challenging. And restoring fiscal and debt sustainability is key to recovery. Maldives' growth prospects remain positive given its strong reputation as a luxury destination and given ongoing investments in tourism infrastructure. However, the road ahead is challenging, and restoring fiscal and debt sustainability is key to recovery. Maldives' growth prospects remain positive, given its strong reputation as a luxury destination and ongoing investments in tourism infrastructure. However, the outlook largely hinges on factors outside the country's control. The pace and effectiveness of COVID-19 vaccinations globally, and reopening of borders by the major tourism source markets will play a very important role moving forward. Although the recovery is now underway, Maldives' fiscal deficit and debt ratios are also expected to remain elevated over the medium term and require addressing. Moving forward, digital technologies can act as important catalysts in building back better. The COVID-19 pandemic has accelerated the digital transformation that was already underway, thanks to relatively high broadband and mobile internet penetration in the Maldives. There is a tremendous potential to use digital technologies to improve the delivery of services such as disaster risk management, health and education, especially to the outer atolls, and many, many others. Digital technologies can be game changers for Maldives growth and development if the country addresses policy, legal, and regulatory gaps that inhibit their adoption. We look forward to working with the people and the government of Maldives on this very important growth narrative and look forward to our continued engagement. Thank you very much.

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