Myanmar posts 6.5% growth in fiscal year 2012

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myanmar_streetMyanmar’s gross domestic product grew an estimated 6.5 per cent in the fiscal year 2012/13 that ended March 31. the World Bank said.

In addition to natural gas production, construction associated with the country’s economic liberalisation, the booming of its service industry and foreign direct investment drove the growth, the bank said in its first edition of the Myanmar Economic Monitor.

The World Bank forecasts the country’s economy to grow 6.8 per cent  in the current fiscal year. It also reported that inflation has been on the rise in recent months, reaching 7.3 per cent in August, on account of increasing food costs and housing rental costs.

“Rising inflation is always a cause for concern since it hurts the poor disproportionately, but economies do sometimes experience rising inflation, especially when in transition as is the case in Myanmar,” said May Thet Zin, the World Bank’s country economist for Myanmar.

“However, there is no cause for alarm yet because inflation remains in single digits in Myanmar.”

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Reading Time: 1 minute

Myanmar’s gross domestic product grew an estimated 6.5 per cent in the fiscal year 2012/13 that ended March 31. the World Bank said.

Reading Time: 1 minute

myanmar_streetMyanmar’s gross domestic product grew an estimated 6.5 per cent in the fiscal year 2012/13 that ended March 31. the World Bank said.

In addition to natural gas production, construction associated with the country’s economic liberalisation, the booming of its service industry and foreign direct investment drove the growth, the bank said in its first edition of the Myanmar Economic Monitor.

The World Bank forecasts the country’s economy to grow 6.8 per cent  in the current fiscal year. It also reported that inflation has been on the rise in recent months, reaching 7.3 per cent in August, on account of increasing food costs and housing rental costs.

“Rising inflation is always a cause for concern since it hurts the poor disproportionately, but economies do sometimes experience rising inflation, especially when in transition as is the case in Myanmar,” said May Thet Zin, the World Bank’s country economist for Myanmar.

“However, there is no cause for alarm yet because inflation remains in single digits in Myanmar.”

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