Myanmar’s economy is set to grow an estimated 6.8 percent next year, placing it among Southeast Asia’s fastest growing economies, although rising inflation threatens the poor, the World Bank said.
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.
That has allowed a reformist, civilian-led government that took office in March 2011 to focus on attracting foreign investment, creating jobs and boosting infrastructure.
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.
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage of events on the ground.
Will Myanmar’s coup help China influence ASEAN?
The Myanmar crisis is becoming increasingly tragic, with the military’s use of lethal force now killing over 60 protestors.
Subscribe via Email
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...
Thailand’s Vaccine Strategy: What went wrong?
Questions are being asked, and not answered, over the decision to rely almost entirely on Siam Bioscience, a local, palace-owned...