World Bank says growth in Myanmar to improve this year
News Type: Marketing News
Nyan Zay Htet/The Myanmar Times
Growth in Myanmar is expected to pick up to 6.4 percent in fiscal 2019-20 from 6.3pc in 2018-19 and 6.2 pc in 2017-18 as a result of the increasing government spending and private investments on infrastructure, transportation and communication, according to the World Bank.
World Bank released its Myanmar Economic Monitor report – Resilience Amidst Risk – on Tuesday in Nay Pyi Daw.
According to the report, growth will be supported by a higher volume of government infrastructure projects in transportation and communication. A larger flow of foreign direct investments in construction is also expected to boost growth.
The banking sector will benefit from higher construction, manufacturing and trading activities through loan opportunities with foreign banks.
Other growth sectors include the tourism and services sector as well as wholesale and retail trade. The agriculture sector should receive a boost from higher export demand, preventing a further narrowing of the trade deficit
Meanwhile, pressure on core inflation is expected to intensify this year as a result of higher electricity tariffs and an ongoing shortage of power.
There are still downside risks though, including slowing global and regional growth, trade tensions between the US and China as well as the crisis in Rakhine, all of which could impact foreign investments.
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