HOUSING DEVELOPMENT CORPORATION Investors Presentation
2 Well-positioned to benefit from Maldives'
economic recovery
Improving medium-term outlook for the economy as real
GDP growth is expected to recover post 2020
Inflation rate expected to remain stable and low
(Real GDP, US$bn)
7.2%
8.1%
7.0%
22.3%
18.3%
(26.4%)
2020E-2022E CAGR: +20%
4.3
4.7
5.0
5.3
4.4
3.7
•
■
2017
2018
2019
2020E
Growth (%)
2021E
2022E
Driven by the recovery in tourism as travel restrictions
ease...
2.8%
2017
(0.1%)
2018
0.2%
2019
HOUSING
DEVELOPMENT
CORPORATION
(1.4%)
2020E (1)
Inflation Rate (%)
2020E inflation is expected to decrease because of policy measures taken by the
government due to Covid-19
The expected increase in 2021E inflation mostly due to low base effect, as the
policy measures taken in 2020 will be reversed
(Number of tourist arrivals, m)
(Tourism sector real GDP, US$bn)
78.6%
8.0% 6.8% 14.7%
34.1%
10.3% 9.7% 13.2%
...as well as recovery in non-tourism sectors
(Real GDP for non-tourism sectors, US$bn)
41.4% 62.5%
(63.5%)
(66.8%)
6.2%
7.6%
4.9%
(15.5%)
1.4 1.5
1.7
2020A-2022E
CAGR: +55%
1.3
1.2
1.1
2020E-2022E
11.6%
19.1%
CAGR: +52%
1.1
1.4
3.3
3.5
3.7
2020E-2022E CAGR: +15%
4.1
0.7
0.6
0.8
3.1
3.5
0.5
2017 2018 2019 2020A 2021E 2022E
2017 2018 2019 2020E 2021E 2022E
2017
2018
2019
- Tourism Arrivals Growth (%)
― Tourist Real GDP Growth (%)
2020E
Growth (%)
2021E
2022E
Source:
Note:
(1)
National Bureau of Statistics, Ministry of Finance, Ministry of Tourism, Maldives Monetary Authority, MOF Budget 2021.
FX of USD/MVR 15.42 used. Forecasts based on best case scenario.
As of 31 January 2021.
14View entire presentation