Govt targets 6% GDP growth in 2020-21

Parliament has approved the National Planning Law for fiscal 2020-21, under which the Myanmar economy is forecast to grow at a rate of 6 percent.

In comparison, the economy was projected to expand by 7pc in fiscal 2019-20 but due to COVID-19 is now expected to have grown by just 4.3pc instead, according to official data.

Depending on how the pandemic plays out, the World Bank predicts that Myanmar GDP will grow by 7.2pc in 2020-21, while the Asia Development Bank has a forecast of 6pc for the same period.

The power generation sector is expected to grow the most, by 12.7pc, in the next fiscal year. Other areas in which growth can be seen is communications, banking and finance, transport, and construction.

Trade is also expected to grow, with exports totaling US$16.2 billion and imports reaching US$18.5 billion, leading to a trade deficit of US$34 billion.

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Source : Myanmar Times

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