Report says Maldives worst affected country in region due to pandemic

March 22, 2020: Photo shows people near the Fish Market area of Male' city. (Sun Photo/Fayaz Moosa)

A World Bank report has estimated that the Maldives will be one of the countries worst affected by the Covid-19 pandemic virus in the region.

The South Asia Economic Focus: SPRING 2020 report estimated that the Maldivian economy will suffer a setback of between -8 and -13 percent. The fall is attributed to the damaging impact on the tourism industry faced due to the pandemic virus.

Maldives Monetary Authority has previously estimated that the country’s economy is set to suffer a drop of -17 percent.

World Bank has estimated that the pandemic would cause unprecedented damage to the economies of the countries in the region. Unemployment and poverty numbers are set to rise in the nations.

The report also noted measures taken by the government to reduce the impact. World Bank has donated USD 10 million to the SAARC Covid Fund.