IMF: Myanmar Remains as Fast Growing Economy

The IMF is upbeat on progress being made with Myanmar’s economy.

An International Monetary Fund (IMF) staff team led by Yongzheng Yang visited Myanmar from October 14-28, to undertake the 2016 Article IV Consultation discussions. 

At the end of the visit, Mr. Yang made the following statement:

“Myanmar remains a fast-growing economy with real GDP increasing by 7.3 percent in FY2015/16 (ending March 31). Growth softened in the first half of FY2016/17, reflecting a correction in the real estate market, an adjustment in the construction sector, slowing demand from major trading partners, and weak commodity prices. However, with expected increases in FDI and aid inflows growth is expected to recover in the second half of the year and the full-year growth is projected at 6.5 percent. Inflation is projected to stay at around 9 percent on average for FY2016/17, and the external current account deficit to increase to about 7.6 percent of GDP.

Mizzima