Maldives is one of the fast developing
nations of the world. The country
has taken important steps to develop
itself and put itself on the path
of economic growth and advancement.
Maldives’ economy mainly
consists of tourism and fisheries.
These are the major industries of
the country. Fishing is the major
industry of this country. It contributes
more than 15% to the country's GDP
and employs 30% of its human resource.
In fact, fishing is the primary
occupation of the people living
in this country. The government
of the country has taken major steps
to develop the fisheries sector.
The government introduced mechanized
fishing boats in 1974 and also set
up a fish canning plant in the island
of Felivaru in the year 1977. A
Fisheries Advisory Board was also
set up in 1979, which provides guidelines
for developing the fisheries sector.
The growth of the fisheries sector
was further enhanced by the setting
up of the Exclusive Economic Zone
for fisheries in Maldives.
Tourism is another major industry
of the country. The government over
the recent years has taken major
steps to develop the tourism sector.
The sector provides both direct
and indirect employment to large
section of the country's population.
There are numerous resort and hotels
that have come up over here where
the tourists come and stay during
their vacations. The opportunities
to take part in numerous water-based
activities also attract tourists
over here. Tourism is the main foreign
exchange earner and contributes
nearly 20% to the country's GDP
or Gross Domestic Product.
The growth of the tourism sector
also led to the growth of Cottage
Industries in the country. Mat weaving,
lacquer work and handicrafts have
received a lot of spurt and growth
over the past few years.
Apart from these, other industries
that have currently come up in the
country include, printing, brick
making, garment manufacturing, marine
engine repairs, manufacture of PVC
pipes and others.
The Maldives Economy is growing
slowly but steadily. In 1989 the
government lifted import quotas
and embarked on a policy of liberalization.
Certain sectors of trade were liberalized
during this time. The Gross domestic
product grew at an average rate
of 10% in the 1980s, and about 7%
in the 1990s.
The economy of Maldives has registered
a significant growth over the past
few years. The country's economic
policies and the numerous industries
that have come up are examples of
its growth and progress.
