Expansion would be driven by energy and commodities exports, foreign investment, services and construction and growth would exceed the 6.5 percent achieved in the fiscal year that ended on March 31, the Bank said.
“It’s not just a historical trend,” Khwima Nthara, the Bank’s senior country economist, told Reuters, referring to the growth forecast, which outpaces the average annual expansion of 5.1 percent expected for the region this year and the next.
Despite abundant resources, a population of about 60 million and a land mass the size of Britain and France combined, Myanmar’s economy is one Asia’s smallest and least developed, hurt by fiscal mismanagement and Western sanctions, most of which have now been suspended.
Those aspects of the economy had been neglected during five decades of rule by kleptocratic generals who turned one of Southeast Asia’s most promising economies into a basket case.
Foreign direct investment in Myanmar had risen to $2.7 billion in 2012/13 from $1.9 billion in 2011/12, the World Bank said on Wednesday, in its first report since resuming operations in Myanmar in January.
CLMV’s economic growth crashes to two-decade low due to COVID-19
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Marketing and investment strategies in Myanmar, India
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Thailand pushes CLMVT as the “New Value Chain Hub of Asia”
The Ministry of Commerce, in cooperation with 11 relevant agencies, hosted the CLMVT Forum 2019 with delegates from Cambodia, Laos, Myanmar, Vietnam, and Thailand
BANGKOK, 24 June 2019 (NNT) – Thailand’s Prime Minister, Gen. Prayut Chan-o-cha, today attended the opening of the CLMVT Forum 2019, and urged its member countries to push for the development of the CLMVT Regional Value Chain, so that they can have more bargaining power and improve the well-being of their citizens.(more…)
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