Can Myanmar's Economy Fulfil its Potential?

Description: 

"With gross domestic product (GDP) growth consistently above 5 percent throughout this decade, and in double digits for much of the previous decade, Myanmar has been one of South East Asia’s fastest-growing economies for quite some time. What’s more, this newly liberalised nation is being touted to likely continue growing expeditiously well into the 2020s. That said, recent years have seen Myanmar’s growth showing a distinct sign of waning from its once lofty heights: Some believe this ongoing slowdown may continue over the next few years. The International Monetary Fund (IMF), for instance, recently stated that Myanmar’s economy appears to be losing momentum. “Myanmar’s economy is expected to gain steam over the medium term albeit at a somewhat slower pace than previously envisaged and subject to greater downside risks” was the IMF Executive Board’s recent assessment. Part of the concern over Myanmar’s economic outlook is directed at the National League for Democracy (NLD) government, which came to power in 2016 after a thumping election victory put an end to decades of military rule. But since then, the NLD has come in for much criticism for the economy’s overall performance, as well as the slow pace at which reforms are being enacted that would enable Myanmar to make the full transition into a liberalised market economy. Perhaps the economic underperformance of recent years is understandable. After all, achieving peace in all regions of the nation continues to remain elusive, meaning that the government has been primarily focused on reconciliation before it can move ahead with other priorities, such as bringing about economic prosperity. Even today, tensions persist, not only between the NLD and the military but also between the military and armed ethnic groups in various parts of the country..."

Creator/author: 

Alexander Jones

Source/publisher: 

"International Banker"

Date of Publication: 

2019-06-26

Date of entry: 

2019-12-16

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Resource Type: 

text

Text quality: 

    • Good