myanmar gdp growth 2020

Slowing economic growth threatens to partially reverse Myanmar’s recent progress in poverty reduction while deepening the poverty of households that are already poor. The impacts of the crisis transmit through external and domestic channels, and are not evenly distributed across sectors: tourism-related services and transportation activities are highly exposed to the pandemic, while the agriculture and information and communications technology (ICT) sectors have proven relatively resilient. Parliament has approved the new National Plan law for fiscal 2019-20, which will be effective from October 1, 2019 to September 30, 2020. This site uses cookies to optimize functionality and give you the best possible experience. Due to the pandemic, Myanmar’s GDP growth forecast for FY2019/20 has been revised downward from 6.4 percent to just 0.5 percent as all sectors are hit, with adverse effects of varying intensity projected across all sectors. Myanmar gdp per capita for 2016 was $1,267, a 1.62% decline from 2015. Myanmar real GDP growth was at level of 2 % in 2020, down from 6.5 % previous year. Indeed, the ICT sector is experiencing a surge of activity driven by a sudden increase in telecommuting and e-commerce. As global economic and trade growth slows down, China's economy is predicted to grow 6.1 percent in 2019, according to a blue book report published by the academy. Myanmar gdp per capita for 2017 was $1,292, a 1.97% increase from 2016. GDP growth. Prior to the COVID-19 pandemic, economic growth in Myanmar was projected to pick up to 6.3 percent in FY2019/20 and 6.4 percent in FY2020/21. (212) 419-8286. hadley.ward@statista.com. Myanmar's middle class continues to grow, driving up spending. "Myanmar: Gross Domestic Product (Gdp) in Current Prices from 2005 to 2025 (in Billion U.S. A frontier economy, Myanmar experienced rapid growth as it opened up in the 2000s, with GDP growth rates among the highest in Asia. The National Plan is expected to help Myanmar’s GDP grow by 7 percent to K95.4 billion during the period compared to 6.8pc in fiscal 2018-19. The COVID-19 pandemic has interrupted Myanmar’s economic expansion, and while Myanmar is expected to narrowly escape a recession, helped by a strong start to the fiscal year, policy responses, and the limited disease outbreak, the growth recovery is at great risk. In 2019, the growth rate of GDP contribution from the total industry sector was estimated at approximately 8.4 percent. Myanmar experienced a chronic exchange rate instability in the last fiscal year that harmed economic growth and widened inflation. The strong backlash to military rule will push the economy into a deep recession of over 9% in 2021, and irreparably tarnish its once-promising growth … Myanmar Economic Outlook. The new, civilian led, reformist government has taken charge and the country has began to open up to foreign direct investment. The research group lowered its real gross domestic product (GDP) growth forecast for financial year 2020/2021 to 2 per cent, down from 5.6 per cent. The second democratic national elections are scheduled for November 2020. Myanmar's GDP growth is expected to contract by 9.8% in 2021 – ADO 2021. After activity took a likely severe hit in H1 amid the health crisis, the economic panorama remains bleak in H2, particularly in Q4, amid soaring Covid-19 infections. This edition of the MEM presents the results of the first round of a nationally representative survey of firms in Myanmar conducted by the World Bank in May 2020. The Vice President delivered an opening speech at the Myanmar EU Economic Forum held in Nay Pyi Taw on June 5. Special Topic 1: The Firm-Level Impact of the COVID-19 Pandemic, Special Topic 2: The Impact of COVID-19 on Household Welfare and Poverty, Global data and statistics, research and publications, and topics in poverty and development, Press release: Myanmar’s Economy Severely Impacted by COVID-19: Report, Video: The Impact of COVID-19 on Myanmar's Economy, Environmental and Social Policies for Projects. She holds degrees from Yangon University (B.A-English (Hon)) and Yangon Institute of Economics (MPA). Skip to main content. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor education that prevail in the country where she lives. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. 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