Burma economy: IMF says growth to accelerate further
Published: 9th May 2012 03:12:40
Burma's growth is set to accelerate, driven by commodity exports and increased investment, the International Monetary Fund (IMF) has said.
The IMF has forecast growth of 6% for the next financial year, up from 5.5% in the current year.
Burma has introduced economic and political reforms, including floating its currency, to open its markets.
Various countries have also lifted some of the sanctions imposed against it.
"It has very rich natural resources, a young labour force and is close to some of the most dynamic economies in the world," said Meral Karasulu, IMF's Mission Chief for Burma.
Earlier this year, Burma moved to a managed float for its currency, the kyat, in what is seen as the boldest economic reform to date.
Prior to being floated, the kyat had an official as well as a black market rate, with the unofficial rate being almost 125 times that of the official one.
Many analysts said that the difference in rates had deterred firms from investing in Burma.
Under a managed float system a currency's exchange rate is determined by the market. However, the central bank publishes a daily reference exchange rate to influence the market.
Since the float, the currency's official rate has been set close to the black market rate.
However the IMF said that for Burma to realise its growth potential, it needs to introduce further economic reforms.
Ms Karasulu said that Burma needed to focus on "improving business and investment climate" and "developing the financial sector".
"Ideally these should coincide with gradually liberalising trade and foreign direct investment," she added.
At 09:01:12 in SportRelegated Grouville have ended the Premiership season on a high after a 3-1 win at St Ouen.
At 08:58:26 in SportPlymouth Albion captain Ruairi Cushion is to join the coaching staff at the Championship club.
At 08:55:14 in Northern IrelandPolice in the Republic of Ireland have launched a crackdown on motorists who use their mobile phones while driving.
At 08:52:15 in SportCornish Pirates forward Laurie McGlone has signed a new one-year deal at the Championship club.
At 08:49:24 in WalesPlans for a new opencast coal mine creating 50 jobs in the south Wales valleys are being recommended for approval by local councillors.
At 08:45:16 in EnglandYoungsters in Hampshire are being recruited to join a new police cadet training scheme.
At 08:40:05 in Northern IrelandPrescription medicines cost the health service in Northern Ireland significantly more per patient than the rest of the UK.
At 08:36:48 in EnglandFines against Devon parents for taking their children out of council schools during term times have risen sharply.
At 08:27:56 in HeadlinesThe Ukrainian government says it has regained control of the city hall in the eastern port of Mariupol from pro-Russian separatists.
At 08:25:19 in EnglandA man has been charged after a man died in a car crash in Ashford, Kent Police said.
Harvard CitationBBC News, 2012. Burma economy: IMF says growth to accelerate further [Online] (Updated 9th May 2012)
Available at: http://www.ukwirednews.com/news/1427285/Burma-economy-IMF-says-growth-to-accelerate-further [Accessed 24th Apr 2014]
News In Other Categories
Relegated Grouville have ended the Premiership season on a high after a 3-1 win at St Ouen.
Shares in Qualcomm, one of the world's biggest chipmakers, fell 5% in after hours trading as it issued a weaker than expected growth outlook.
With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
The Ukrainian government says it has regained control of the city hall in the eastern port of Mariupol from pro-Russian separatists.
Cult comic character Frank Sidebottom has inspired a film starring Michael Fassbender, while a documentary and biography are also in the works. Four years after his creator Chris Sievey died, why is Frank's legend growing and who was the man behind the mask?
The Labour Party is looking to sever its links with the troubled Co-op Bank, bringing to an end one of the oldest political partnerships in UK.