Tourism in the Maldives has made a remarkable recovery, returning to pre-COVID levels between December 2022 and March 2023, with over 170,000 tourist arrivals – equivalent to the numbers seen three years ago before the pandemic. The first quarter of 2023 now shows that tourism arrivals have returned to pre-COVID levels, projecting a high GDP growth rate of +7.2% for the year.
India, Russia, and the UK were the top source markets in 2022, while the number of tourists from the USA and major EU markets may decrease due to economic challenges and a high cost of living. Nevertheless, the Maldives primarily attracts luxury travellers, which could mitigate this risk. The expected surge in Chinese tourists will play a significant role in supporting the Maldivian economy, cushioning it against external headwinds such as geopolitical tensions and inflation. Maldives luxury resorts along the likes of Huvafen Fushi Maldives have a big role to play in taking tourism to higher levels and based on the projections, it could well be on its way.
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