Foreign direct investment in the Maldives fell by USD 607 million in 2020, to USD 348 million, the World Bank said.
According to a World Bank study on the global debt situation, foreign direct investment in the Maldives has decreased to 348 million in 2020, a decline of around USD 607 million from the USD 956 million in 2019.
The World Bank stated that the decline in foreign direct investment is attributable to the postponement of numerous resort and hotel projects owing to COVID-19. The tourism industry accounts for the vast bulk of foreign investment in the Maldives.
The tourism industry is one of the sectors most affected by the COVID-19 pandemic across the world.
The World Bank emphasized that overall foreign direct investment has decreased around the world, with the exception of a few nations, all recording low foreign investment.
South Asia was one of two areas that had a rise in foreign investment, owing to an increase in foreign investment in India, while other nations in the region saw a decrease.