World Bank cuts Myanmar economic growth rate

Illustrative image (Source: Internet)

Myanmar’s economic growth rate will slow down ahead of its general election, which is slated for November 8, according to a report from the World Bank.

Myanmar’s economic expansion will decline from 8.5 percent in the fiscal year 2014-2015 to 6.5 percent in the fiscal year 2015-2016, partly caused by recent floods and stalled new investments.

Flood heavily affected Ayeyawaddy, Sagaing, Magway and Bago regions will cause Myanmar’s agricultural growth to reduce to only 1 percent.

Myanmar’s inflation is predicted to rise to an average of 11.3 percent in the fiscal year 2015-2016, due partly to flood impacts on the supply of agro-products in the domestic market.

The inflation pressure will be likely to swell up due to the cost of imports, especially processed foods and essential products.-VNA