Economy of Maldives
Traditional economic activities such as mat weaving, jewelry making and lacquer work are also found in the Maldives.
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Environmental concerns
There is growing concern towards the coral reef and marine life due to coral mining (used for building and jewelry making), sand dredging, solid waste pollution and oil spills from boats. Mining of sand and coral has destroyed the natural coral reef that once protected several important islands, now making them highly susceptible to the erosive effects of the sea. The destruction of large coral beds due to heat is also a growing concern.[2]
In April 1987, high tides swept over the Maldives, inundating much of Malé and nearby islands which prompted Maldivian authorities to take global climatic changes seriously. An INQUA research in 2003 found that actual sea levels in the Maldives had dropped in the 1970s and forecasts little change in the next century.[3]
The Asian brown cloud hovering in the atmosphere over the northern Indian Ocean is also another concern. Studies show that decreased sunshine and increased acid rain from the cloud.[4]
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Investment in education
The government expenditure for education was 18% of the budget in 1999. Both public and private schools have made remarkable progress in the last decade. Further, there are private institutions that are staffed by community-paid teachers without formal training who provide basic numeracy and literacy skills in addition to religious knowledge.
The modern schools are run by both the government and private sector, providing primary and secondary education simultaneously. As the modern English-medium school system expands, the traditional system is gradually being upgraded. By early 1998, more than 30 islands were equipped to provide education for grades, 8, 9, and 10. Some 164 islands provided education up to grade 5, 6, or 7. In Malé is the only school for grades 11 and 12, with a school in the southern most island of Gan scheduled to offer the final 2 years starting in 2002.
Seven post-secondary technical training institutes provide opportunities for youth to gain skills that are in demand. The World Bank has already committed $17 million for education development in 2000-04, and plans to commit further $15 million for human development and distance learning during this period. Over 2001-03, the ADB planned to support post-secondary education development in Maldives.
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Statistical data
GDP: - US$817 million (2005)
GDP - real growth rate: -3.60% (2006)
GDP - per capita: - $2,483 (2005)
GDP - composition by sector: (2004 est.)
- agriculture: - 20%
- industry: - 18%
- services: - 62%
Inflation rate (consumer prices): - 3% (1995-2004 average); 5.6% (2005 est.)
Labor force: estimated
- 1995 - 67,000
- 2000 - 88,000
Labor force - by occupation: (1995)
- agriculture 22%,
- industry 18%,
- services 60%
Unemployment rate: - NEGL%
Budget: (2004 est.)
- revenues: $265 million (excluding foreign grants)
- expenditures: $362 million; including capital expenditures of $80 million
Industries: fish processing, tourism, shipping, boat building, coconut processing, garments, woven mats, rope, handicrafts, coral and sand mining
Industrial production growth rate: estimated
- 1996 - +4.4%
- 2004 - -0.9%
Electricity - production: - 85 GWh (1998) and 135 million kWh (2003)
Electricity - production by source: - fossil fuel: - 100% (2005)
Electricity - consumption: - 79 GWh (1998) and 125.6 million kWh (2003)
Agriculture - products: - coconuts, corn, sweet potatoes; fish
Exports - commodities: - fish, clothing
Exports: - $123 million f.o.b. (2004 est.)
Exports - partners:
- 1998 - US, UK, Sri Lanka, Japan
- 2005 - Thailand 30.6%, UK 13.8%, Sri Lanka 13.4%, Japan 13.3%, Algeria 5.8%
Imports - commodities: - petroleum products, ships, foodstuffs, textiles, clothing, intermediate and capital goods
Imports:
- 1998 - $312 million f.o.b.
- 2000 - $372 million f.o.b.
- 2004 - $567 million f.o.b.
Imports - major partners: - Singapore, India, Sri Lanka, Japan, Canada
Debt - external: estimated
- 1998 - $188 million
- 2000 - $237 million
- 2004 - $316 million
Economic aid - recipient: - $NA
Currency: - 1 rufiyaa (Rf) = 100 laari
Exchange rates: - rufiyaa 12.80(Rf) per US$1 (2006)
Fiscal year: - calendar year
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References
- ^ U.S. State Department estimate
- ^ Sheppard, Charles R.C. (Sept 18, 2003) "Predicted recurrences of mass coral mortality in the Indian Ocean" Nature 425(6955): pp.294-296
- ^ Mörner, Nils-Axel; Tooley, Michael; and Possnert, Göran (2004) "New perspectives for the future of the Maldives" Global and Planetary Change 40: pp.177–182;
- ^ Srinivasan, J. et al. (2002) "Asian Brown Cloud – fact and fantasy" Current Science 83(5): pp.586-592;
- Xavier Romero-Frias, The Maldive Islanders, A Study of the Popular Culture of an Ancient Ocean Kingdom. Barcelona 1999, ISBN 84 7254 801 5
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See also
- Maldives
- Economic aid to Maldives
- Tourism in the Maldives
- Finance in Maldives
- Industries in Maldives
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External links
- Global Economic Prospects: Growth Prospects for South Asia The World Bank, December 13, 2006
- "Doing Business in Maldives" The World Bank Group
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