Myanmar’s economy continues to boom and the GDP ratio is expected to pick up in 2017, but downside risks are emerging, said economic experts.
Myanmar is roaring ahead with the fasting growing economy in Asia in 2016, according to the Asian Development Bank’s Asian Development Outlook 2016.
“Myanmar’s economy is likely to significantly improve in the coming year. More investments are expected to quickly enter Myanmar with the new Myanmar Investment Law which will take effect in early 2017. Infrastructural building, especially the electrical supply, is required to be systematically conducted by private and government entities,” said U Win Aung, the CEO of Dagon International Company Limited.
The average rate of Myanmar’s economic growth was 7.8 per cent a year over the past five years. A long-term plan to drive Myanmar’s economy is required to keep up with the economically developed countries in Southeast Asia. “The government needs to effectuate the development in tourism service since Myanmar is rich in natural scenic beauty,” said U Than Lwin, a senior consultant of Kanbawza Bank.
The challenges will surely follow the economic reform. Some laws still need to be amended, he added. “Concerted efforts need to be exerted by all stakeholders from all sectors. The government is implementing better economic driven policies. What is most important that the economic guideline is needed to be on the right path,” said U Ko Ko Htwe from Taw Win family Co., Ltd.
“While the government is making efforts to develop many sectors — economy, peace movements, education and health — public participation plays an important role. Myanmar’s economy is likely to take off with international assistance in 2017,” said U Ye Min Aung, the general secretary of Myanmar Rice Federation.
Win Win Maw, Nandar Win