Apr 9, 2014

Myanmar's economy to grow 7.8 pct in next 2 years: ADB

Myanmar's economic growth is expected to pick up to an annual rate of 7.8 percent for the next two fiscal years (2014-15 and 2015-16), according to the press release of Asia Development Bank available here Monday.

The country's economic growth for the fiscal year 2013-14 which ended in March is estimated at 7.5 percent, the release quoted ADB 's latest Asian Development Outlook as saying.

A recent ADB study noted that the country could reach upper middle-income status by 2030 if it overcomes development challenges, but currently about 25 percent of the population live below the national poverty line.

ADB is keen to support investment in the energy, transport, urban, agriculture, and social sectors such as education and health, which will help build the foundations for inclusive growth, Nakao, president of ADB said when meeting with Myanmar President U Thein Sein on the sidelines of the ASEAN Finance Ministers Meeting in Nay Pyi Taw in the weekend.

Nakao stressed the importance of continuing to pursue sound economic policies, enhancing structural reform, and boosting the investment climate to attract much needed investment.

He also emphasized the importance of ensuring development projects which include the necessary safeguards to protect fragile environments and affected communities.

Source: Xinhua