Myanmar eyes 9.1% growth next fiscal year

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myanmar_economyMyanmar’s President Thein Sein announced that the government aims to increase the country’s GDP by 9.1 per cent in the 2014-15 fiscal year (starting April 1, 2014), up from the current 7.3 per cent. The president was speaking at the second Myanmar Development Cooperation Forum held in the country’s capital Naypyitaw on January 27.

“The government has been working hard in the previous thirty months to reform the political, economic, public management and private sector. Political reform was the first phase, and good circumstances came about for national reconciliation and understanding between ethnic groups,” said Thein Sein.

The government plans to target rural development through a systematic management of development aid and providing assistance to regions and states through interest-free loans, soft loans, foreign direct investment and technical assistance.

The first Myanmar Development Cooperation Forum was held in Naypyitaw in 2013 where the government pledged to continue its reforms. The decentralisation of public management still remains one of the biggest challenges.

Myanmar’s economic growth reached 7.3 per cent in the 2012-13 fiscal year, exceeding the expected 6.7 per cent. Though Myanmar’s development gains some momentum, there is a long way to go to reach the international standard, added the president.

During the remaining 26 months of its term, the government has pledged to prioritise seven sectors, namely: electricity, drinking water, agricultural development, employment, tourism development, financial services and investment and trade.

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Reading Time: 1 minute

Myanmar’s President Thein Sein announced that the government aims to increase the country’s GDP by 9.1 per cent in the 2014-15 fiscal year (starting April 1, 2014), up from the current 7.3 per cent. The president was speaking at the second Myanmar Development Cooperation Forum held in the country’s capital Naypyitaw on January 27.

Reading Time: 1 minute

myanmar_economyMyanmar’s President Thein Sein announced that the government aims to increase the country’s GDP by 9.1 per cent in the 2014-15 fiscal year (starting April 1, 2014), up from the current 7.3 per cent. The president was speaking at the second Myanmar Development Cooperation Forum held in the country’s capital Naypyitaw on January 27.

“The government has been working hard in the previous thirty months to reform the political, economic, public management and private sector. Political reform was the first phase, and good circumstances came about for national reconciliation and understanding between ethnic groups,” said Thein Sein.

The government plans to target rural development through a systematic management of development aid and providing assistance to regions and states through interest-free loans, soft loans, foreign direct investment and technical assistance.

The first Myanmar Development Cooperation Forum was held in Naypyitaw in 2013 where the government pledged to continue its reforms. The decentralisation of public management still remains one of the biggest challenges.

Myanmar’s economic growth reached 7.3 per cent in the 2012-13 fiscal year, exceeding the expected 6.7 per cent. Though Myanmar’s development gains some momentum, there is a long way to go to reach the international standard, added the president.

During the remaining 26 months of its term, the government has pledged to prioritise seven sectors, namely: electricity, drinking water, agricultural development, employment, tourism development, financial services and investment and trade.

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