The Economy of the Maldives

The 'Nature' plays a dominant role in deciding the economic activities of the inhabitants. For instance, the economic life of the people of the Maldives. Maldives, an island nation is located in the Indian ocean. The population is scattered in different islands. The nation consists of around 200 islands and some are un inhabited due to the locational factors. The total population is around 4 lakhs. The capital city of the country, Male' is one of the most densely populated islands due to huge employment opportunities. In the capital city the tertiary sector contributes maximum revenue to the government. Services like banking, education, transportation, administration, etc are some of the most important economic activities in Male'.

Over all the economy of Maldives predominantly depends on primary economic activity like fishing and the tertiary activity like tourism. Tuna is the most important catch here for the fishermen. Tuna fish would be processed and exported to various western European, Australian, and to even some American countries. Tuna fish variety is unique in the Maldives. Hence it earns a lot of foreign exchange for the nation. Maldives is in fact the most fortunate in having the resources of Tuna especially. The Maldives has abundant and beautiful coral islands and hence the flourishing resorts industry. Every year tourists from several developed and developing nations visit resorts and thus contribute to the foreign exchange resources of the Maldives. Many tourists spend several days or even months in resorts thus creating demand for goods and services.

Due to lack of resources, the Maldives depends exclusively on imports for almost all the goods and even for most of the services. For instance, most of the electronic goods are being imported from Singapore and other developed nations. Similarly, electricity is being produced from the imported diesel. The nation depends on imported services like teaching, engineering, medical, etc. For instance, teaching faculty from India, Pakistan, Srilanka, and other neighbouring nations work in the Maldives as the local human resources are yet to acquire the required skills. The Maldives nation does not have any fresh water, forest and mineral resources, except abundant and peculiar fish resources and coral islands.

Transportation is mainly through the powered boats between the islands with sophisticated technology imported from several maritime nations, and also some islands do have the facilities of air transportation. Only a few islands have the facilities of internet and other latest modes of communication. Land line phone facility is available in all the islands.

Though tourism and fishing are the chief contributers to the GDP of the nation, the nation does not have facilities for higher education due to which the aspiring candidates go to Singapore and other south east Asian nations mostly for pursuing their education.

Ruffiyya is the local currency but the U.S. dollar too is acceptable. The UNDP funds for the development of the human resources of this tiny island nation.

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The Economy of the Maldives http://maldives.ezinemark.com/the-economy-of-the-maldives-4eeaa7596d2.html

The 'Nature' plays a dominant role in deciding the economic activities of the inhabitants. For instance, the economic life of the people of the Maldives. Maldives, an island nation is located in the Indian ocean. The population is scattered in different islands. The nation consists of around 200 islands and some are un inhabited due to the locational factors. The total population is around 4 lakhs. The capital city of the country, Male' is one of the most densely populated islands due to huge employment opportunities. In the capital city the tertiary sector contributes maximum revenue to the government. Services like banking, education, transportation, administration, etc are some of the most important economic activities in Male'.

Over all the economy of Maldives predominantly depends on primary economic activity like fishing and the tertiary activity like tourism. Tuna is the most important catch here for the fishermen. Tuna fish would be processed and exported to various western European, Australian, and to even some American countries. Tuna fish variety is unique in the Maldives. Hence it earns a lot of foreign exchange for the nation. Maldives is in fact the most fortunate in having the resources of Tuna especially. The Maldives has abundant and beautiful coral islands and hence the flourishing resorts industry. Every year tourists from several developed and developing nations visit resorts and thus contribute to the foreign exchange resources of the Maldives. Many tourists spend several days or even months in resorts thus creating demand for goods and services.

Due to lack of resources, the Maldives depends exclusively on imports for almost all the goods and even for most of the services. For instance, most of the electronic goods are being imported from Singapore and other developed nations. Similarly, electricity is being produced from the imported diesel. The nation depends on imported services like teaching, engineering, medical, etc. For instance, teaching faculty from India, Pakistan, Srilanka, and other neighbouring nations work in the Maldives as the local human resources are yet to acquire the required skills. The Maldives nation does not have any fresh water, forest and mineral resources, except abundant and peculiar fish resources and coral islands.

Transportation is mainly through the powered boats between the islands with sophisticated technology imported from several maritime nations, and also some islands do have the facilities of air transportation. Only a few islands have the facilities of internet and other latest modes of communication. Land line phone facility is available in all the islands.

Though tourism and fishing are the chief contributers to the GDP of the nation, the nation does not have facilities for higher education due to which the aspiring candidates go to Singapore and other south east Asian nations mostly for pursuing their education.

Ruffiyya is the local currency but the U.S. dollar too is acceptable. The UNDP funds for the development of the human resources of this tiny island nation.

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