Maldives' economic growth to fall over next three years: World Bank

Maldives' economic growth to fall over next three years: World Bank

The World Bank projected a decrease in economic growth for Maldives over the upcoming three years.

According to the World Bank's 2019 South Asia Economic Focus, this year's economic growth will reach 5.7 percent while the rates for 2020 and 2021 are predicted to be 5.2 and 5.3 percent respectively. Maldives experienced an economic growth rate of 6.1 percent in 2018.

The World Bank predicted lower levels of economic growth for the country after considering the estimated rate of progress in investments over the next three years.

Among the South Asian countries, India and Bangladesh are expected to experience the highest rates of economic growth in the upcoming three years. India is forecasted to maintain a 7.5 percent growth rate while figures for Bangladesh average at 7 percent.

Nepal's economic growth rates are projected to reach 6 percent while Bhutan's growth rate is the same as that of Maldives. Pakistan's growth rate over the same period will be 4 percent. Afghanistan and Sri Lanka are projected to have average economic growth rates of three percent.

According to the World Bank, South Asia contains some of the world's fastest growing economies. In order to maintain long-term growth, the World Bank stated that all nations within the region needed to increase their exports.

"To ensure growth in the long run, the region needs to integrate further into international markets to sustain its upward growth trajectory, create more jobs, and boost prosperity for its people," added Hartwig Schafer, World Bank Vice President for the South Asia Region.