Myanmar’s economic growth forecast to dip to 7 pct
Myanmar's economic growth has dipped following heavy floods and investment slowdown sparked by uncertainty over its political transition, reported the World Bank (WB) on June 7.
Legislature meeting in Myanmar (Source: VNA)The WB estimated Myanmar's GDP growth during the 2015-16 financial year at 7 percent, a significant dip from the previous year's 8.5 percent, but higher than the previously forecast 6.5 percent and still in the top tier of the world's fastest growing economies.
According to the WB, heavy monsoon rains that caused widespread inundations throughout western and central Myanmar last summer, hit productivity and exports.
In 2017-2020, Myanmar’s strategy focuses on industries, taps advantages of the ASEAN Economic Community, as well as foreign direct investment for sustainable development.-VNA
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