South Asian Business news and information

Minivan News reports:   

“People in remote islands have been left behind in the distribution of gains,” the report warns, despite the economy having “reached middle-income status”.

Income levels have already become a central issue ahead of the country’s first multi-party elections, expected this year.

President Maumoon Abdul Gayoom has cited the increase in per capita income since he took power 30 years ago, but the six declared opposition candidates have all highlighted income inequalities.

Here are some more highlights from the report:

• Maldives economic growth pattern returned to normal in 2007 following a rebound in 2006.
• The drop in fish catch caused the GDP to fall.
• Tourism sector experienced a 10% rise in GDP because of rise in the number of tourists.

Like India, and Bangladesh, Maldives also facing the risk of rising inflation and financial inequality. Maldives’ government should take necessary steps to keep the inflation rate under control.

P.S. To see the ADB, visit the following links:

http://www.adb.org/

http://www.adb.org/Documents/Books/ADO/2008/default.asp

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Minivan News