ADB forecasts rapid growth for Myanmar; incomes to triple by 2030
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Myanmar is expected to be a middle-income nation by 2030 if the country remains committed to ongoing reforms, according to Asian Development Bank .
Myanmar could follow Asia’s fast growing economies and expand at 7 to 8 per cent a year, to become a middle income nation, the ADB said in a report released today in Bangkok. Its per capita income is set to triple by 2030, if the nation can surmount substantial development challenges by further implementing acrosstheboard reforms
Myanmar’s strategic location, rich natural resources and abundant labour forces leave it perfectly positioned to prosper from Asia’s dynamic economic growth, added Stephen Groff, ADB’s vice president for East Asia, Southeast Asia and the Pacific.
“Myanmar could be Asia’s next rising star. But for this to happen, there needs to be a firm and lasting commitment to reform," Groff said at the press conference.
ADB’s economists have warned that there are multiple constraints and risks involved, when the country liberalises its economy, for one, its greater volatility in capital flows, said CynYoung Park, assistant chief economist. She added that significant risks include impact of climate change, pollution from economic activities and tension from internal conflicts.
Follow this link for Video of this press conference: http://www.adb.org/news/videos/adbs-myanmar-transition-report-offers-fresh-depth-analysis-myanmars-growth-potential
