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 growth.

“ 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