Xinhua, Yangon :
The Asian Development Bank (ADB) has predicted that Myanmar will see annual average gross domestic growth (GDP) as high as 9.5 percent by 2030, according to a new report of the regional institution available here Friday.
The country will reach a per capita income of nearly 5,000 U.S. dollars by 2030 from about 900 U.S. dollars now.
However, the forecast growth calls for full realization of the country’s economic potential and the need to ensure infrastructural development and investment in human capital and education, stressed Cyn-Young Park, ADB assistant chief economist, in the bank’s launch of its new report on Myanmar’s growth prospects.
“Myanmar must upgrade its infrastructure and improve the quality of human capital to achieve sustainable economic growth and reap the full benefit from its ambitious reform agenda,” the report said.
The report highlighted the importance of quickly increasing government capacity in every aspect of development, calling for a high degree of coordination , skill, knowledge and commitment in planning and managing the country’s complex, modernization and reform program.
Park also stressed that the country needs to maintain stability, to make investment for the future and stay open and connected for achieving long-term sustainability.
Emphasizing eight strategic areas, the report developed in cooperation with the government provided policy recommendations for realizing the development mission and vision.
The ADB’s current engagement in Myanmar includes upgrading of a road linking Pyapon and Maubin towns in southwestern Ayayawaddy region and construction of an overland route from Vietnam to Myanmar via Thailand, the report added.
Meanwhile, the International Monetary Fund (IMF) predicted in June this year that Myanmar will see a slight pick-up in growth to 8.5 percent in the current fiscal year of 2014-15.
Myanmar registered its GDP growth as 7.8 percent in 2013-14 and 6.2 percent in 2012-13.
The Asian Development Bank (ADB) has predicted that Myanmar will see annual average gross domestic growth (GDP) as high as 9.5 percent by 2030, according to a new report of the regional institution available here Friday.
The country will reach a per capita income of nearly 5,000 U.S. dollars by 2030 from about 900 U.S. dollars now.
However, the forecast growth calls for full realization of the country’s economic potential and the need to ensure infrastructural development and investment in human capital and education, stressed Cyn-Young Park, ADB assistant chief economist, in the bank’s launch of its new report on Myanmar’s growth prospects.
“Myanmar must upgrade its infrastructure and improve the quality of human capital to achieve sustainable economic growth and reap the full benefit from its ambitious reform agenda,” the report said.
The report highlighted the importance of quickly increasing government capacity in every aspect of development, calling for a high degree of coordination , skill, knowledge and commitment in planning and managing the country’s complex, modernization and reform program.
Park also stressed that the country needs to maintain stability, to make investment for the future and stay open and connected for achieving long-term sustainability.
Emphasizing eight strategic areas, the report developed in cooperation with the government provided policy recommendations for realizing the development mission and vision.
The ADB’s current engagement in Myanmar includes upgrading of a road linking Pyapon and Maubin towns in southwestern Ayayawaddy region and construction of an overland route from Vietnam to Myanmar via Thailand, the report added.
Meanwhile, the International Monetary Fund (IMF) predicted in June this year that Myanmar will see a slight pick-up in growth to 8.5 percent in the current fiscal year of 2014-15.
Myanmar registered its GDP growth as 7.8 percent in 2013-14 and 6.2 percent in 2012-13.
