Island Paradises Open Doors to Travellers: Visa-Free Access Boosts Tourism
The idyllic islands of Maldives and Seychelles have implemented visa-free policies, inviting leisure travellers. honeymooners, and digital nomads to explore their scenic beauty with minimal entry requirements. These policies underscore the importance of tourism to their economies, with the Maldives deriving 30% and Seychelles 31% of their GDP from this sector.
Travellers to the Maldives need only a valid passport, a return or onward travel ticket, and proof of sufficient funds. In 2023, the Maldives experienced a revenue boost from increased goods and services tax (GST) rates. Despite this, the fiscal deficit is projected to reach 13.4% of GDP, with public debt climbing to 118.7% of GDP. The current account deficit widened to 22.8% of GDP, driven by higher import costs and robust tourism. Real GDP growth for 2023 is estimated at 4.4%, with a projected increase to 5.2% in 2024, bolstered by airport and hotel expansions.
By: luminarytimes
25-Jun-2024 05:37 pm
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