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Asean & Global Updates
POSTED | 12:39 PM | 19-04-2014

Improved business confidence boosts Myanmar

Myanmar’s economy is forecast to grow by an average 7.8 percent over the next two years.

The annual increase is predicted by the Asian Development Bank for the 2014-2015 and 2015-2016 financial years. It’s slightly higher than the bank’s estimate of economic growth during the financial year ended in March.

“Growth [in 2013] was supported by rising investment propelled by improved business confidence, commodity exports, buoyant tourism, and credit growth, complemented by the government’s ambitious structural reform program,” said the ADB in a statement.

Myanmar’s international investment profile was raised last year by several major factors, including the award of telecommunications licenses, airport construction bids, hosting the World Economic Forum on East Asia and staging the Southeast Asian Games, said the ADB report.

The higher profile has been helped with a “broad array of reforms, unifying the exchange rate, improving monetary policy, increasing tax collection, reorienting public expenditure toward social and physical infrastructure…and liberalizing agriculture and trade.”

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