The Maldives was hit hard by the 2009 recession but has shown a strong recovery and impressive growth trajectory for the coming few years. A new report issued by credit agency, Care Ratings Maldives, forecasts strong growth in tourism to the luxury holiday destination, with Chinese tourists expected to account for 15% of total foreign tourist arrivals (FTAs) by 2020. Authorities aim to draw one million tourists to the Maldives by the end of 2012. So far this year, officials have counted 700,000 arrivals by September.
Development is necessary to cater for increased arrivals. The Maldives tourism sector will add 77 new resorts and increase bed capacity by 47% over the next three years. Additional safari vessels are also be needed to ferry tourists around the archipelago. Despite strict government controls on land development and foreign investment, Mininvan News reports that Chinese and Indian businessmen are showing a strong interest in tourism, which supports the wider Maldivian economy.
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