Maldives Monetary Authority - Annual Report 2005

According to the Maldives Monetary Authority's Annual Report 2005, the tsunami that struck the Maldives in 2004 has devastated the economy and the full economic impact of the disaster was felt in 2005 with real economic growth decelerating to negative 5.2 percent.

The tourism sector, the major source of fiscal revenue and foreign exchange earnings into the country was one of the hardest hit sectors. The tsunami destroyed several resorts and there were large scale cancellations of reservations in

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