World Bank forecasts Myanmar's economy to grow 6.4 pct in FY 2019-20

Source: Xinhua| 2020-01-14 20:17:06|Editor: ZX
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NAY PYI TAW, Jan. 14 (Xinhua) -- The World Bank forecast Myanmar's economy growth to reach 6.4 percent in present fiscal year (FY) 2019-2020 which started in October, according to the Myanmar Economic Monitor Dissemination Workshop on Tuesday.

The new World Bank report "The Myanmar Economic Monitor for December 2019" was launched at the workshop which was held in capital city Nay Pyi Taw.

The country's economic growth is estimated to show a gradual increase from 6.2 percent in FY 2017-2018 and from 6.3 percent in FY 2018-2019 which ended in September last year.

The report said that the reforms have lifted Myanmar quickly in the recent World Bank Group's Doing Business Index, underlining that firms in Myanmar need greater access to inputs including finance, land, and skills, better connectivity and an enabling business environment to support a responsible private sector.

The report also highlighted that the presence of armed actors and conflicts add challenges for business in much of Myanmar.

The just-launched report recommended that market expansion should be promoted while the allocation of resources is to be improved and the capacity of market participants should be developed to achieve private-sector led growth.

Meanwhile, Myanmar moved to 165th with 46.8 scores on the World Bank's latest report 'Ease of Doing Business 2020' after it stood at 171st place with 44.72 scores in the previous.

According to the figures released by the Directorate of Investment and Company Administration, the Myanmar Investment Commission approved 39 foreign enterprises with investment capital of over 1 billion U.S. dollars in first two months of present FY 2019-2020.

As of Jan. 3 this FY, the country's external trade totaled over 9.78 billion U.S. dollars, said the Commerce Ministry's latest figures.