Friday, 13 April 2012 12:55 Mizzima News
(Mizzima) – With the imminent lifting of major sanctions on Burma, its economy is poised for rapid growth, the Asian Development Bank said Wednesday.
However, the challenges remain “tremendous” in one of the poorest economies in the world, Craig Steffensen, the bank’s director for Myanmar and Thailand, told The Associated Press on Thursday. “We’re trying to unwind a knotted ball of yarn if you will, and it’s going to take a long time to untangle.”
Even so, he said the capability for private sector growth is such that “we haven’t seen anywhere else for a long time.”
ADB figures indicate the economy has already been significantly bolstered by a 26 percent jump in tourist arrivals and a 15 percent rise in gas exports that alone are worth $3 billion in annual revenue, he said.
The bank said it forecasts GDP growth in the country will rise from 5.5 percent in 2011 to 6 percent in 2012, and at least 6.3 percent the following year.
Steffensen said those estimates may prove conservative and could rise “substantially” if sanctions are eased and the government continues on its path of reform.
(Mizzima) – With the imminent lifting of major sanctions on Burma, its economy is poised for rapid growth, the Asian Development Bank said Wednesday.
However, the challenges remain “tremendous” in one of the poorest economies in the world, Craig Steffensen, the bank’s director for Myanmar and Thailand, told The Associated Press on Thursday. “We’re trying to unwind a knotted ball of yarn if you will, and it’s going to take a long time to untangle.”
Even so, he said the capability for private sector growth is such that “we haven’t seen anywhere else for a long time.”
ADB figures indicate the economy has already been significantly bolstered by a 26 percent jump in tourist arrivals and a 15 percent rise in gas exports that alone are worth $3 billion in annual revenue, he said.
The bank said it forecasts GDP growth in the country will rise from 5.5 percent in 2011 to 6 percent in 2012, and at least 6.3 percent the following year.
Steffensen said those estimates may prove conservative and could rise “substantially” if sanctions are eased and the government continues on its path of reform.
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