Thu 4 Oct 2012
Filed under: Business / Trade,News
Myanmar’s economic growth will speed up as most other economies in developing Asia are expected to see slower growth amid a slump in global demand, the Asian Development Bank (ADB) said Wednesday.
The Manila-based bank said it was “significantly scaling back”growth forecasts for the region to 6.1 per cent this year and 6.7 per cent in 2013, down from the initial projections of 6.9 per cent and 7.3 per cent.
For Myanmar, however, it increased growth forecasts to 6.3 percent this year and 6.5 per cent in 2013, up from the initial projections of 6 per cent and 6.3 per cent.
“All-in-all, Myanmar’s economic performance is good and appears to be getting better,” Craig Steffensen, ADB country director for Thailand, said Wednesday.
“Deceleration in the region’s two giants – China and India – and in other major exporting economies is tempering earlier optimism,”the bank said.