Mauritius' economic success after Covid-19 hailed by the IMF

Mauritius has succeeded in its economic recovery and social progress. And the International Monetary Fund congratulated the country, said Deputy Prime Minister Steven Obeegadoo. It was during a press conference that he hosted on Friday May 31 with the Minister of Health, Kailesh Jagutpal.

“The economy has rebounded strongly from the pandemic,” declared the International Monetary Fund (IMF) in a report made public a few days ago, said Steven Obeegadoo, deputy to the Prime Minister. According to him, this document welcomes the efforts and measures taken by the government for the management of Covid-19 and for the revival of the economy. To bounce back strongly after the pandemic, Mauritius relied on three sectors: tourism, construction of social housing and the financial sector.

Steven Obeegadoo explained that tourism revenues have increased from Rs 64 billion in 2018 to Rs 86 billion in 2023. He added that social housing has boosted the construction sector, leading to positive impacts on investment in general. In addition, the measures taken by the financial sector to improve the image of Mauritius have borne fruit.

“If we were able to be saved from covid-19 and the economic recession, it is thanks to the population and the decisions taken by the government in collaboration with the private sector,” he observed.
He recalled that before rebounding, the country found itself at its lowest point economically, with gross domestic product per capita falling from USD 11,400 to USD 9,000. With borders closed for 18 months, tourism revenues fell from $63 billion to $15 billion. And inflation soared due to unbalanced production. Youth unemployment was 25%, explained Steven Obeegadoo.

However, while taking measures to revive the economy, Mauritius has managed to raise the standard of living of the most vulnerable in society. The IMF report indicates that the outlook is favorable for the country and that the signals are good for the future. Steven Obeegadoo thus deplored the criticisms of the opposition, which he described as demagogic.

Health Minister Kailesh Jagutpal thanked the people and the private sector for their collaboration. He also welcomed the participation of institutions which worked, day and night, to enable Mauritius to do well economically. “We have had a lot of criticism regarding the decisions that were taken. But the results prove us right today. The government had taken decisions to protect the population,” he stressed.