Myanmar's economy could grow 6.75 per cent, IMF says
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Yangon - Myanmar's economy could grow 6.75 per cent this year, driven by gas exports and foreign investments, the International Monetary Fund (IMF) said Wednesday.
"The authorities' ambitious reform program is bearing fruit, with macroeconomic stability and high investor interest," said Matt Davies, who headed a visiting IMF team.
It estimated the economy expanded 6.5 per cent in the fiscal year ending March 31, and would grow 6.75 per cent in the current year.
Positive developments included a stable exchange rate, investment law reform and "significant increases" in tax collection.
Annual natural gas exports of about 2.5 billion dollars will rise to about 4 billion when new reserves in the Bay of Bengal are exported to China upon completion of an overland pipeline next month.
Davies said there were risks from limited macroeconomic management capacity, which will be strained by the rapid, broad-based economic transition.
The IMF said it expects "further progress" on reform this year including a key central bank law. It said would soon open an office in the country to help give technical assistance and support.//DPA
