On the supply side, the employment rate, particularly in the case of women, has increased considerably, along with the proportion of part-time jobs and temporary contracts in total employment. Euro area average participation rates are, nevertheless, still below those of the US or the Scandinavian countries. The explanations for this job-rich growth lie in structural changes in the labour market and wage moderation.
As we all know, the Maldives is one of the most affected economies due to the Covid-19 pandemic, with an estimated GDP contraction of 32 % in 2020. Nearly all major economic sectors, including tourism, construction, transport, communication, and the trade sector recorded negative growth numbers due to the dampening effects of the lockdown and concurrent border closure during the 2nd quarter of 2020.