By The Maldives’ tourism industry has seen a remarkable resurgence in 2024, welcoming over 1.7 million visitors by early November—a 9.5% increase compared to the previous year. This growth has been significantly driven by the Chinese market, which accounted for 14.5% of total arrivals. Enhanced air connectivity, with new routes introduced by Azerbaijan Airlines, Malaysian Airlines, and Air India, has further contributed to the sector’s expansion.
Despite the strong tourism performance, the Maldives faces economic challenges, with public debt reaching 123% of GDP. Credit rating agencies have raised concerns, leading to downgrades. However, the Maldivian government has taken swift measures to ensure financial stability, securing a $100 million treasury bills rollover and a $400 million currency swap agreement with India to strengthen its fiscal position.
To support infrastructure development, including the expansion of Velana International Airport, the Maldives Inland Revenue Authority introduced a new exit fee in December 2024. This fee, applied based on travel class, will contribute to maintaining and improving the nation’s world-class tourism facilities.
The Maldivian government’s proactive policies and commitment to sustaining the tourism sector have been instrumental in ensuring its continued success. Their efforts to enhance connectivity, secure financial support, and invest in infrastructure have positioned the Maldives as a premier global destination. The government’s dedication to maintaining the Maldives’ appeal, despite economic hurdles, is commendable and vital to the nation’s growth.
