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Myanmar's economic growth expected to decline ahead of election: report

Xinhua, October 6, 2015 Adjust font size:

Myanmar's economic growth is forecast to slow down in the run-up to the general election set for Nov. 8, said a World Bank Group's report Tuesday.

According to the report, the economic growth of the country is expected to moderate to 6.5 percent in real terms in 2015-16 fiscal year from 8.5 percent in 2014-15 due to the impact of the recent floodings across the country and a slowdown in new investment ahead of the election.

With Ayeyawaddy, Sagaing, Magway and Bago as the most affected regions or states, agricultural growth in particular is expected to slow down to 1 percent in real terms.

"The flow of foreign investment in any country would decline during the pre-election and election period. But the investment figures are expected to pick up after the election period," a senior official of the World Bank predicted.

Myanmar's inflation is expected to pick up further, reaching an average of 11.3 percent over the course of 2015-16 fiscal year.

Part of this will be driven by the impact of the floods on supply of agriculture produce to local markets, the group said.

Inflationary pressures are likely to be further compounded by increased cost of imports, particularly processed foods and other necessities, it added. Endi