The World Bank has disclosed that Maldives will be the fastest growing economy of the South Asian Region in the year 2023.

The Global Economic Prospective report of World Bank states that the Maldivian economy is projected to see an increase of 12.4 percent in 2022. This is 4.8 percent more than the 7.6 percent growth projected for the year 2022, at first.

The report goes on to highlight that the country's economy is expected to see a growth of 8.2 percent in 2023. This, the report highlights is the economy projected to see the fastest growth in 2023.

Taking to twitter about the report of World Bank, Minister of Finance Ibrahim Ameer noted that this is a result of the Maldivian economy showing considerable progress in overcoming the challenges it faced due to the Covid-19 pandemic. He also highlighted that Maldives is among the countries that over came the hurdles of Covid-19 pandemic the fastest.

The Minister stated that this forecast of the World Bank is higher than that of the Finance Ministry and the Maldives Monetary Authority (MMA).

In October 2022, the Finance Minister stated that the Maldivian economy has improved since Covid-19 and that the state's revenue is improving, and that the plans to lower the debt in relation to GDP are being achieved. He also noted the administration’s plans for the year 2023 include managing the state budget without depending on foreign grants.

The Minister also highlighted the reports published by international financial institutions about the Maldives and stated that the country maintained its status in the latest Fitch Rating report.