Maldives targets 2.5 million tourists in 2027 as finance minister presents budget

Minister of Finance, Public Enterprises and Trade Hassan Zareer has stated that the number of tourists visiting the Maldives next year is expected to rise to between 2.28 million and 2.5 million, in line with the government's "Visit Maldives Year" initiative. Presenting the budget statement for the 2027 state budget to the People’s Majlis yesterday, the minister said that while a record number of tourists visited the country in 2025, more tourists visited than previously projected during the first two months of this year. However, Minister Zareer noted that significant disruptions have occurred in global business and travel due to the war that started in the Middle East in late February, and that the direct impact on the Maldivian economy has been felt, particularly in tourism, which is the main pillar of the country's economy. The minister said that fiscal policies for 2027 and the medium term will be based on a deep study of the country's economic trajectory and fiscal situation. "Looking at the global economy, international financial institutions project the global economic growth rate for the coming year to be 3.4 percent. In 2025, the country's economic growth was 6.3 percent, and we have projected it to be 5.3 percent in 2026," he said. The minister said that due to the economic challenges faced this year, the country's economic growth is likely to decrease significantly, with projections indicating that the economic growth rate for 2026 will be between 0.6 percent and 1.8 percent. However, once the situation from the war returns to normal, the economic growth rate in 2027 is expected to accelerate to between 3.9 percent and 6.8 percent. The minister also stated that the inflation rate for the country next year is expected to be 1.0 percent. "By the end of this ongoing year 2026, it is currently estimated that 2.17 million tourists will visit the country, with bed nights standing at 13.9 million. 2027 is an important year for tourism. It is projected that the number of tourists visiting the country next year will rise to between 2.28 million and 2.5 million, and bed nights spent in the country will increase to 14.5 million," he said. Furthermore, the minister stated that the state's official reserves are estimated to amount to 817.7 million US dollars by the end of this year, and are projected to stand at 907.2 million US dollars in 2027.