Myanmar economy expected to grow 7.1 per cent

Description: 

"The economy in Myanmar in the fiscal year of 2019-2020 was given a positive outlook by the Asean+3 Macroeconomic Research Office. It is expected to expand by 7.1 per cent, up from 6.8 per cent in the previous fiscal year, buoyed by reform momentum, improving business sentiments, growth in manufacturing, tourism related expansion and stronger fiscal spending. Directorate of Investment and Company Administration director-general U Thant Sin Lwin said foreign direct investments was also expected to pick up and align with the government estimates for the fiscal year 2019-2020, according to the Myanmar Times. Business and economists said the downside is the ongoing Rakhine crisis and lawsuit filed against Myanmar in the International Court of Justice by Gambia, which could tarnish the country’s image as an investment destination. Myanmar is also expected to hold a general election in 2020, and many investors will wait and see how things unfold in the political economy before investing further in the country this year. This year, five key sectors with growth potentials are the tourism industry, property, insurance, digital transactions and the stock exchange business..."

Source/publisher: 

"New Straits Times" (Malaysia)

Date of Publication: 

2020-01-02

Date of entry: 

2020-01-05

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Resource Type: 

text

Text quality: 

    • Good