ADB: Myanmar to achieve 9.5 percent economic growth by 2030

ADB: Myanmar to achieve 9.5 percent economic growth by 2030

Illustrative image (Photo: Getty images)

Myanmar ‘s GDP growth is projected to reach 9.5 percent by 2030, up from its pre-reform baseline of 4.8 percent, a recent Asian Development Bank (ADB) report said.

The report ” Myanmar: Unlocking the Potential ” stated that growth of this magnitude could push the country’s GDP per capita to just under 5,000 USD by 2030, up from 900 USD today.

If the country is to achieve sustainable economic growth and reap the full benefits of its ambitious reform agenda, Myanmar must upgrade its infrastructure and improve the quality of human capital, the report said.

” Myanmar is at a pivotal moment in its economic, social, and political transition,” ADB Assistant Chief Economist Cyn-Young Park stated in the report’s introduction.

Modernising an economy is a huge and complex task. The prioritisation of appropriate policy and investment measures is crucial for the success of the reform agenda and the long-term development of the country, he added.

The report, which was prepared by the ADB and the Union Government of Myanmar, gives detailed policy recommendations for eight strategic areas that will shape the country’s development, including accelerating governance and public sector reform.

Meanwhile, the International Monetary Fund (IMF) predicted that Myanmar will experience a slight increase in growth up to 8.5 percent for the current fiscal year 2014-15.

Myanmar recorded a GDP growth of 7.8 percent in 2013-14 and 6.2 percent in 2012-13.-VNA

ADB: Myanmar to achieve 9.5 percent economic growth by 2030 Related image(s)