Friday, December 21, 2012

World Bank predicts 6.3 percent growth in Burma in 2013

Friday, 21 December 2012 11:34 Mizzima News

The World Bank announced this week that Burma’s economy continues to grow and is expected to reach 6.3 percent in the fiscal year 2012-13 despite the fact that the country has yet to realize its potential.

Burma's economy looks set to grow by 6.3 percent next year, says the World Bank. (PHOTO: Colin Hinshelwood / Mizzima)

In its bi-annual East Asia and Pacific Economic Update released on December 19, the World Bank said that the economies of developing East Asia and the Pacific “remained resilient despite the lackluster performance of the global economy.”

It said the Asia-Pacific region remains one of the world’s “bright spots” with growth of 7.5 percent expected to rise to 7.9 percent in 2013.

“Another bright spot in the region is Myanmar’s reengagement with the international community,” it said in a press release. “The Myanmar economy continued to accelerate in fiscal year 2011-12, with GDP growth at 5.5 percent, and expected to reach 6.3 percent in fiscal year 2012-13.

“The government is moving ahead with reforms, but significant challenges remain for Myanmar to reach its potential, including addressing infrastructure constraints, improving financial and telecommunications sectors and sustainable management of natural resources,” it said.
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