Myanmar's economy to grow 6 per cent, ADB says
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Myanmar's economy will grow an estimated 6 percent this year and 6.3 per cent in 2013, bolstered by strong gasexports and recent reforms, but the challenges ahead are"tremendous," the Asian Development Bank (ADB) said Wednesday.
Myanmar's foreign exchange reserves reached 8 billion dollars byMarch 31, 2012, enough to cover 9.4 months of imports, the bank'sAsian Development Outlook 20102 report said.
In fiscal 2011, ending March 31, Myanmar's gross domestic productgrew 5.5 per cent, bolstered chiefly by a 15-per-cent increase innatural gas exports to neighbouring Thailand, bringing in 3 billiondollars in revenue.
The country is set for a similar boost in exports this fiscalyear, thanks to a new natural gas pipeline opening to China and thegovernment's reform policy, which is expected to attract more foreigninvestment.
"The fundamentals are looking pretty good," said Craig Steffensen,ADB's Thailand country director, whose reponsibilities also coverMyanmar, where the bank does not have an office.//DPA
