HANOI, Sept 15 (Bernama) — Myanmar’s gross domestic product (GDP) growth is projected to reach 9.5 percent by 2030, up from its pre-reform baseline of 4.8 percent, Asian Development Bank (ADB) said in a report.
The report titled “Myanmar: Unlocking the Potential” said that growth of this magnitude could push the country’s GDP per capita to just under US$5,000 by 2030, up from US$900 today, Vietnam News Agency (VNA) reported.
ABD said if the country is to achieve sustainable economic growth and reap the full benefits of its ambitious reform agenda, Myanmar must upgrade its infrastructure and improve the quality of human capital.
“Myanmar is at a pivotal moment in its economic, social and political transition,” ADB assistant chief economist Cyn-Young Park said in the report.
“The prioritisation of appropriate policy and investment measures is crucial for the success of the reform agenda and long-term development of the country,” Park said.
The report, which was also prepared by the Union Government of Myanmar, gives detailed policy recommendations for eight strategic areas that will shape the country’s development including accelerating governance and public sector reform.
The International Monetary Fund (IMF) predicts Myanmar will experience a slight increase in growth up to 8.5 percent for the current fiscal year 2014-15.
Myanmar recorded a GDP growth of 7.8 percent in 2013-14 and 6.2 percent in 2012-13.