Myanmar posts 6.5% growth in fiscal year 2012

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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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. 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...

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.”



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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