Myanmar can follow Asia’s fast growing economies and become a middle
income nation by 2030 if it can surmount substantial development
challenges by further implementing across-the-board reforms, said the
Asian Development Bank (ADB).
In its report “Myanmar in
transition: Opportunities and Challenges”, ADB put forth its first major
assessment of Myanmar since the country began political and
economic reforms in 2011.
ADB’s Vice President for East
Asia, Southeast Asia and the Pacific Stephen Groff said that Myanmar’s
strategic location, rich natural resources and abundant labor force
leave it perfectly positioned to prosper from Asia’s dynamic economic
“ Myanmar could be Asia’s next rising star, but
for this to happen there needs to be a firm and lasting commitment to
reform,” the ADB official said.
To fully realise Myanmar’s potential, the report suggests the country must focus on
strengthening connectivity - via infrastructure in transport, power and
telecommunications services, as well as modernizing its financial
sector. Its economic base must also broaden beyond agriculture to the
manufacturing and service sectors to meet a growing demand for jobs.-VNA