Burma GdpMyanmar GDP
. The Myanmar GDP growth rate, historical and current data. GDP and income distribution of C-GIDD. The non-life insurance premium volume as a percentage of GDP for Myanmar.
GDP in Myanmar on the upswing, continuation expected: the World Bank
Rangoon - Myanmar's year 2017-18 has seen its economies perform better amid sustained high risks, with a pick-up in agricultural activity, better output and robust service delivery, the World Bank said in its Myanmar Economic Monitor on Thursday. He said that the economies saw a wide rise in GDP growing in Real terms to 6.4 per cent in 2017-18 from 5.9 per cent in 2016-17.
The growth rate is set to rise to 6.8 per cent in 2018-19. The World Bank also said annual rates of growth fell from 7 per cent in 2016-17 to 5.5 per cent in 2017-18 and are likely to fall further to 4.9 per cent. Although the overall economy looks bright, it fears that the sluggish speed of reform, the vulnerability of the finance industry and lack of headway in dealing with the Rakhine human rights situation are beginning to influence the mood of businesses.
In Myanmar, potential FDI commitments or new FDI could be postponed by an investor worried about the reputation exposure of a business. FDI permits fell by 14 per cent compared to 2016-17, but FDI inflows appropriately funded the balance of payments gap. The downward economic trends identified in the reports are exacerbated by uncertainties in world trading policies and raw material costs.
This six-monthly progress review analyses the development, outlook and political priority of Myanmar on the basis of available information provided by the Myanmar authorities and gathered through the World Bank's periodic review and political dialog. "GDP is not an exhilarating thing because it does not affect everyone in the country," he said, and added that as a result of it, everyone is not experiencing much upturn.
"It is very important that the benefits of growing and increasing incomes are distributed across the entire people. In this year, much has come from the agriculture industry, which includes growers. They produce more cereals - rices, broadbean and legumes - which are in demand not only in Myanmar but also outdoors.
Agro-industries and processing industries make up 26% of GDP, 33% and the service industries 41%. Favourable climatic factors and higher foreign consumption led to an increase in farm production of an expected 2.5 per cent in the current financial year. World Bank proposed that the implementation of the convincing new sustainable development plan in Myanmar, the collection of more revenues and expenditure, and the creation of greater political security and a simplified working climate for business could encourage investments and business outlooks.