Sunday, January 15, 2017

Myanmar to see rapid growth


Myanmar, following decades of economic isolation, has – since the handover of military power in 2011 and the 2016 democratic elections – opened its economy to other economies. The opening of the country has seen economic growth accelerate, up from 5.9% in 2011, to hit a forecasted growth of 8.4% in 2017.


According to the firm’s analysis, the country is set to enjoy some of the world’s fastest economic growth, hitting 8.4% - well above Lao PDR and Cambodia, on 7% and 6.9% respective. Growth remains on a relatively low base however, the country is one of Asia’s least developed nations with a nominal GDP of around $1,500.

Technology trends, as well as the large amount of relatively free moving capital now means that, even from a low base, the pace of development of Myanmar is expected to well outpace historic trends seen in the UK and US – which took 200 years and 90 years respectively to grow $1,500 to $5,000. Much like the Asian Tigers, which saw growth rates that allowed them to make the leap in 20 years, the current conditions are likely to allow the country to leapfrog to around $5,000 nominal GDP.

The article goes on talk about various surveys of both international and local businesses and their investment plans. A large majority of those surveyed are expecting to aggressively expand their investment in Myanmar.

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