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ADB forecasts Myanmar's GDP to grow at 8.3 percent in FY 2015-16

Xinhua, March 25, 2015 Adjust font size:

The Asian Development Bank (ADB) has predicted that Myanmar will see an annual gross domestic product (GDP) growth of 8.3 percent in the fiscal year 2015-16 ( April-March), according to a new economic report of the institution available here Wednesday.

Myanmar registered a GDP growth of 7.8 percent in 2013-14 and is expected to grow at 8.5 percent in 2014-15.

"Myanmar's ambitious structural reform program has underpinned strong growth in recent years that is set to continue in 2015," the ADB said in its report.

ADB officials expected Myanmar's GDP growth to remain at over 8 percent in 2016-17, driven by investments stimulated by the ongoing reform, an improved business environment and the country's integration into Southeast Asia.

However, inflation will likely accelerate to 8.4 percent in 2015-16 from 6.5 percent in 2014-15, propelled by higher fiscal spending and expected higher wages which will increase domestic demand, an ADB official said, adding that the consumer price pressure should then ease slightly in 2016-17 to 6 percent. Endi