President Ibrahim Mohamed Solih says the country's economy would bounce back to 2019 levels at the end of this year.
He made these comments in his address to the country on the occasion of Independence Day celebrated today.
President Solih said that last year when the country celebrated its Independence Day, the nation had faced the effects of the COVID-19 pandemic.
He said that with the pandemic, there came economic and social issues but with God's graces the situation has now subsided after nearly two years.
The President said that because of the pandemic, the economy fell into its deepest hole yet and prompted the government to take austerity measures.
President highlighted that with these measures, the economy would bounce back to the levels reached in 2019 at the end of this year.
He said, however, that the public cannot enjoy the full advantages of these good effects due to the current situation in the world.
He noted that while global prices for goods and fuel had risen significantly, Maldivians had not incurred the full brunt of these increases due to government intervention.
President Solih went on to say that the government's primary responsibility is to absorb the effects of similar hardships experienced around the world while minimizing any harm to its citizens.
