South Asian Business news and information

Maldives had an economic growth of 8.8% in 2004 but in 2005 it was sharply reduced to just 2.4%. I hope now you can realize the destructive nature of Tsunami that hit many parts of Asia in the end of 2004. According to ESCAP's ' The annual Economic and Social Survey of Asia and Pacific 2006' document, the loss of life was not high in Malidives as a result of Tsunami but 5% people lost their home. Naturally, to overcome this loss needed massive reconstruction effort and it is a mammoth task because of geographical nature of Maldives(it is a very small country consisting of many small islands). The two most important economic activities of the country (tourism and fishing) suffered a lot because of Tsunami. Many tourist resorts were partially destroyed and had to be temporarily closed. The increasing price in the international market could only make the matter worse for Maldives .  

 Hopefully, 2006 will be a better year for Maldives.