(photo: Sean Pavone/ iStock), By Jayendu De and Sanaa Nadeem, IMF Asia and Pacific Department. The new, civilian led, reformist government has taken charge and the country has began to open up to foreign direct investment. Most surveyed firms were not able to adopt new mechanisms to cope with the challenges posed by COVID-19. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. 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. COVID-19 has affected some of Myanmar’s key economic growth engines, including tourism. Quick data summaries and visualizations on trending industry, political, and socioeconomic topics from Knoema’s database. By Nan Lwin 15 September 2020 . 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. A frontier economy, Myanmar experienced rapid growth as it opened up in the 2000s, with GDP growth rates among the highest in Asia. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. He quoted the Asian Development Bank as saying that the country's GDP was 6.2 percent in 2018, and is estimated to rise to 6.6 percent in 2019 and 6.8 percent in 2020. The World Economic Outlook (WEO) database contains selected macroeconomic data series from the statistical appendix of the World Economic Outlook report, which presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups and in many individual countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. 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. 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. Myanmar experienced a chronic exchange rate instability in the last fiscal year that harmed economic growth and widened inflation. Myanmar's GDP is expected to grow by 1.8% in 2020 and 6.0% in 2021 – ADO 2020 Update Myanmar inflation rates forecasted at 6.0% in both 2020 and 2021 – ADO 2020 Update Although officially recorded cases of COVID-19 in Myanmar remain low, the social and economic effects could be significant, given the externally oriented economy, uneven social safety nets, and the fragile healthcare system. Finally, industry contributes the remaining 26 percent of GDP. The most important sector of the economy is services, which has been growing steadily in the last few years, and now account for over 38 percent of GDP. Myanmar gdp growth rate for 2018 was 6.75%, a 0.35% increase from 2017. Myanmar gdp growth rate for 2017 was 6.41%, a 0.65% increase from 2016. In its initial forecast in April, the ADB had expected GDP growth in Myanmar to be 4.2pc. Temples in the archaeological zone of Bagan, Myanmar. The population growth rate is slowly decreasing, resulting in population growth to cease around 2054 and the population to start shrinking thereafter. Myanmar, formerly known as Burma, is the poorest country in Southeast Asia. Please check your download folder. Six charts tell the story of Myanmar’s economy during the early months of Search and explore the world’s largest statistical database to find data. government’s COVID-19 Economic Relief Plan aims at minimizing the The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. This site uses cookies to optimize functionality and give you the best possible experience. Under the Company Act, companies are allowed to register online and more transparency and fewer restrictions are guaranteed. A frontier economy, Myanmar experienced rapid growth as it opened up in the 2000s, with GDP growth rates among the highest in Asia. 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. 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. Dollar figures for GDP are converted from domestic currencies using single year official … Myanmar Coronavirus Recovered at 31330.00 Persons, Myanmar Coronavirus Cases at 50403.00 Persons, Myanmar Coronavirus Deaths at 1199.00 Persons, Deposit Interest Rate in Myanmar at 8.00 percent, Myanmar Average Precipitation at 18.73 mm, Myanmar Average Temperature at 19.32 celsius, Myanmar Balance of Trade at -412.20 USD Million, Myanmar Cpi Housing Utilities at 193.57 points, WTI Crude Heads for Biggest Weekly Loss since April, Kenya October Inflation Rate at 5-Month High of 4.84%, European Stocks Post Worst Week Since March, French Shares Book Worst Month since March, Dow and S&P on Track for 2nd Month of Losses, Colombia Jobless Rate Jumps to 15.8% in September. Indeed, the ICT sector is experiencing a surge of activity driven by a sudden increase in telecommuting and e-commerce. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. 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. and continued capacity development, are alleviating the impact of COVID-19, Agriculture (22 percent of the economy) has proved resilient with growth estimated to slow by less than in other sectors, to 0.7 percent, thanks to strong crop production offsetting a weakening livestock and fisheries sector. Aggregates are based on constant 2010 U.S. dollars. The share of agriculture has been declining, and now represents 36 percent of GDP. He added that the Ministry of Planning and Finance allowed five foreign companies to do business within the  insurance sector on April 5, 2019. Eleven Media Group's Executive Director Ko Min Thaw Htut attends "The Impact of... Advance voting starts for 2020 General Election, COVID-19 cases in Maubin prison reaches 106, Landslide blocks vehicles carrying education staff for polling stations in Khaunglanhpu, ANP campaign vessel barred from docking at Toungup and Ramree ports, Remarks over a less free and fair election may not be incorrect: Shwe Mann, North-South high-speed railway to be core part of national transport system. Govt targets 6% GDP growth in 2020-21 Thiha Ko Ko 31 Aug 2020 Photo: Mar Naw/The Myanmar Times Parliament has approved the National Planning Law for fiscal 2020-21, under which the Myanmar economy is forecast to grow at a rate of 6 percent. Agriculture firms were the most likely to report cashflow shortages and diminished access to credit, reflecting their greater vulnerability to economic crises. July 7, 2020. GDP in Myanmar is expected to reach 75.50 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. All rights reserved. Gross domestic product (GDP) growth rate in São Tomé and Príncipe in 2021; ... (April 15, 2020). Economic growth will slow sharply to just over 1% in 2020 but post a strong recovery post-pandemic as the country's low … The Vice President said that the trade between Myanmar and EU amounted to US$1.27 billion in 2016-2017 fiscal year and increased by over US$800 million bringing the total amount to US$2.07 billion in 2017-2018 FY. He said such reforms aimed to boost Myanmar's economy in 2019 and 2020.

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