Aug 22, 2012

Myanmar hopeful to become middle income nation by 2030: ADB

Myanmar could expand its economy by 7 percent to 8 percent per year for a decade or more and become a middle income nation by 2030 if its reforms stay on track, the Asian Development Bank (ADB) said in a report released here on Monday.

Analyzing the opportunities and challenges facing Myanmar after decades of isolation, the report "Myanmar in Transition" is ADB's first major assessment of the country since it began political and economic reforms in 2011. It noted that Myanmar is showing good potential for growth and could become one of the next "rising stars" in Asia.

If the government keeps a firm and lasting commitment to reforming, economically and socially, the country would follow the pace of Asia's fast growing economies and raise its per capita income to 2000 to 3000 U.S. dollars by the year of 2030.

Stephen Groff, ADB's vice president for East Asia, Southeast Asia and the Pacific, said that Myanmar has to strive for strong and inclusive growth, which is imperative for poverty alleviation and improved living standards.

Key development agendas for Myanmar which has the lowest per capita GDP among Asian countries also include maintaining macroeconomic stability, improving infrastructure and human capital and mobilizing resources for investment, he said.

In terms of advantages, Groff said Myanmar boasts abundant natural resources and labor force. "Its strategic location, close to China and India and the ASEAN bloc, leaves it perfectly positioned to prosper from Asia's dynamic economic growth," he said.

Source: Xinhua