• Travel Destinations

    Tourism-dependent Maldives steps up economic diversification effort

    NurPhoto | NurPhoto | Getty Images Dotted with island resorts and endowed with white sandy beaches and turquoise seas, the Maldives has always billed itself as a top tourist destination. But the coronavirus pandemic brought the global travel and tourism industry to a grinding halt last year, forcing the island-nation to step up economic diversification efforts by expanding other sectors. Tourism accounts for over 28% of gross domestic product in the small archipelago and brings in about 60% of foreign exchange receipts, according to the Michigan State University. “As an economy heavily dependent on international tourism, the restrictions on global travel and other protective measures against the Covid-19 pandemic have…