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Myanmar households will also receive the first 150 units of electricity consumed free of charge until the end of April. Climate Change. All Rights Reserved. Myanmar gdp growth rate for 2018 was 6.75%, a 0.35% increase from 2017. The ADB also projected that Myanmar’s growth would bounce back to 6 percent in 2021, while projecting Thailand at 3.5 percent, Cambodia at 5.9 percent, Indonesia at 5.3 percent and Laos at 4.5 percent. The ADB said Thailand’s GDP growth fell to -8 percent, while Cambodia’s stood at -4 percent, Indonesia’s at -1 percent and Laos’s at -2.5 percent. © Copyright 2020 The Myanmar Times. Global Economic Prospects . She said the strong level of foreign direct investment (FDI) was evidence that the National League for Democracy (NLD) government’s reform efforts were bearing fruit. On the business side, licence fees exemptions have been granted to hoteliers and traders, while a K100 billion soft loan was launched last month, targeting the most affected sectors - tourism and garments - as well as small and medium enterprises. I don’t mean any disrespect to other countries. The government has taken some measures to ease the tension in recent weeks. The IMF said its forecasts were marked by “extreme uncertainty” and that the risks for more severe outcomes are substantial. Microfinance and other non-bank financial institutions have been instructed to allow borrowers to defer their repayments. Plasma donations from recovered COVID-19... Mandalay imposes semi-lockdown in Aung Myay... Six people in Sagaing’s Tamu test positive... More Myanmar businesses need to address... Yangon govt office staff test positive for... Covid clouds hang over this year’s Thadingyut, Myanmar, Korea discuss commencing construction of industrial complex, Insiders urge govt to expand garment making value chain as exports decline in Myanmar, Total COVID-19 cases pass 50,000 in Myanmar, TCP Group donates a total of 136.3 Million Kyats to support COVID-19 relief efforts in Myanmar, Myanmar govt extends COVID-19 preventive measures to November 30. Recently, the Myanmar government revealed that it has been drawing up a medium- to long-term economic recovery and reform program that aims to maintain economic reforms introduced by the NLD. “Even if we could not fulfill the overall target, achieving 98 per cent is a considerable success amid the crisis,” Daw Aung San Suu Kyi said. More measures will be needed as COVID-19 continues to take its toll on the global economy. The economy has already been hurt by the crisis, with. This would be Myanmar’s slowest growth rate since the junta handed over power to U Thein Sein’s quasi-civilian government in 2011. The rest of the world is expected to slip into recession. GDP growth (annual %) - Myanmar. According to the Asian Development Bank’s (ADB) latest report, Myanmar’s GDP growth fell to 1.8 percent in September due to the effects of COVID-19, while other countries in Southeast Asia are experiencing negative GDP growth. “Despite the outbreak of COVID-19, we missed only 2 per cent of our target,” she said. That's the slowest rate of growth for the region since 1961, as containment measures to address COVID-19 hamper economic activity and weaken external demand, the ADB said. It found that 81 percent of the firms were affected negatively by COVID-19 in May and 79 percent in July. The lack of work and access to wages will be a growing concern for Myanmar's economy. However, the amount represents an increase of more than $1 billion compared to the same period last year, according to the Ministry of Investment and Foreign Economic Relations (MIFER). “Most of the neighboring countries have faced worse situations. The Yangon government on April 20 said that it will also be extending the deadline for the monthly power tariff in Yangon for up to a month. © Copyright 2020 The Myanmar Times. Near-term outlook. The ADB said Thailand’s GDP growth fell to -8 percent, while Cambodia’s stood at -4 percent, Indonesia’s at -1 percent and Laos’s at -2.5 percent. With one in four in Myanmar estimated to live below the poverty line, workers made jobless by the shutting down of factories and migrant labourers returning from Thailand could become a source of social unrest if there is insufficient state support, corporate executives in Yangon warn. “Although our expectation was to achieve 100 per cent, since we achieved 98 per cent, we could say that this is quite a performance,” she stressed. We do not encourage viewing this site in this width. In its initial forecast in April, the ADB had expected GDP growth in Myanmar to be 4.2pc. / Myanmar State Counselor, Asian Development Bank’s (ADB) latest report, Nan Lwin is Senior Reporter at the English edition of The Irrawaddy. Myanmar economy still forecast to grow despite global recession: IMF, Still, growth is forecast to slow considerably. Myanmar gdp growth rate for 2017 was 6.41%, a 0.65% increase from 2016. The economy has already been hurt by the crisis, with the number of factories having shut down in Myanmar estimated to be around 40 and nearly 17,000 workers laid off or furloughed. “Large, timely, temporary, and targeted fiscal measures are necessary to ensure that a temporary shutdown of activity does not lead to more permanent damage to the productive capacity of the economy and to society as a whole,” the IMF said in its semi-annual Fiscal Monitor released last week. Myanmar economy to expand 1.8% this year: ADB. Global Economic Prospects examines trends for the world economy and how they affect developing countries. The World Bank’s latest survey on Myanmar found that 75 percent of services, retail, wholesale, manufacturing and agricultural firms have suffered due to COVID-19, despite some signs of recovery. Label. Gross domestic product (GDP) growth rate in Myanmar 2021 Mortality rate in Myanmar 2018, by gender Household electricity consumption per capita in Myanmar 2000-2016 And, barring any unforeseen events, growth is expected to rebound in 2021, with Myanmar forecast to expand by 6pc. All rights reserved. In its April World Economic Outlook, the IMF slashed Myanmar’s 2020 growth forecast to 1.8pc from 6.4pc. Court Verdict Looms for Disgraced Party Leader in Myanmar, Myanmar Receives 16 Proposals for New Yangon City Project, Disgraced United Democratic Party Boss Faces Immigration Charges, Myanmar Reaches 98% of Foreign Investment Target in FY2020 Despite COVID-19, Myanmar to Use Private Hospitals to Fight COVID-19, China’s Top Leaders Meet to Lay Out Five-Year Economic Plan, Thai PM Endorses Charter Rewrite as Students March to German Embassy, China Punishes US Entities as Retaliation for Arms Sales to Taiwan, Myanmar’s New COVID-19 Cases Decrease in Yangon but Climb Outside City, Incoming Myanmar Govt Must Tackle Chinese Casino Haven in Myawaddy, NLD Supporter Dies After Clash Ahead of Myanmar’s Election, Taiwan’s Inclusion in Post-COVID-19 Global Public Health Network Deserves Support, The Day Japan’s ‘Death Railway’ was Completed in Myanmar. And, barring any unforeseen events, growth is expected to rebound in 2021, with Myanmar forecast to expand by 6pc. Growth will be supported by building reform momentum, planned large infrastructure projects and investment in sectors undergoing liberalization. At those levels, Myanmar is nevertheless one of the few economies to post positive GDP growth in the region this year, behind Vietnam's GDP growth forecast of 4.1pc, the ADB said. Myanmar is among just 10 percent of the globe projected by the International Monetary Fund to post economic growth this year. The government has taken some measures to ease the tension in recent weeks. Assuming that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound, the IMF forecasts a contraction in global output per head of 4.2pc this year, with 90pc of countries experiencing negative growth in real GDP per head. This would be Myanmar’s slowest growth rate since the junta handed over power to U Thein Sein’s quasi-civilian government in 2011. It translates into an average of $500 million per month in FDI during FY2019-20, despite the coronavirus epidemic, which first hit the country in March. Growth in the region in 2021 is expected to rise to 6.2pc, unchanged from the ADB's forecast in April but still below pre-crisis trends, the ADB said. YANGON—Even as Myanmar struggles to get COVID-19 under control, State Counselor Daw Aung San Suu Kyi announced that the country secured 98 percent of its foreign investment target for this year, adding that the result can be considered a success given the economic disruptions caused by the pandemic. The forecast comes despite the spread of COVID-19 in Myanmar, which has already resulted in the closing of its borders, worsening conflict in Rakhine State, a collapse in tourism and dimmer prospects of mass investment from Europe and America.
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