Maldives is one of the fast developing nations of the world. The country has taken important steps to develop itself and put itself on the path of economic growth and advancement.
Maldives economy mainly consists of tourism and fisheries. These are the major industries of the country. Fishing is the major industry of this country. It contributes more than 15% to the country's GDP and employs 30% of its human resource. In fact, fishing is the primary occupation of the people living in this country. The government of the country has taken major steps to develop the fisheries sector. The government introduced mechanized fishing boats in 1974 and also set up a fish canning plant in the island of Felivaru in the year 1977. A Fisheries Advisory Board was also set up in 1979, which provides guidelines for developing the fisheries sector. The growth of the fisheries sector was further enhanced by the setting up of the Exclusive Economic Zone for fisheries in Maldives.
Tourism is another major industry of the country. The government over the recent years has taken major steps to develop the tourism sector. The sector provides both direct and indirect employment to large section of the country's population. There are numerous resort and hotels that have come up over here where the tourists come and stay during their vacations. The opportunities to take part in numerous water-based activities also attract tourists over here. Tourism is the main foreign exchange earner and contributes nearly 20% to the country's GDP or Gross Domestic Product.
The growth of the tourism sector also led to the growth of Cottage Industries in the country. Mat weaving, lacquer work and handicrafts have received a lot of spurt and growth over the past few years.
Apart from these, other industries that have currently come up in the country include, printing, brick making, garment manufacturing, marine engine repairs, manufacture of PVC pipes and others.
The Maldives Economy is growing slowly but steadily. In 1989 the government lifted import quotas and embarked on a policy of liberalization. Certain sectors of trade were liberalized during this time. The Gross domestic product grew at an average rate of 10% in the 1980s, and about 7% in the 1990s.
The economy of Maldives has registered a significant growth over the past few years. The country's economic policies and the numerous industries that have come up are examples of its growth and progress.
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