Growth prediction raised by IMF on gas, investment

Rising gas production and investment will lead to a higher-than-expected 8.5 percent economic growth rate for the 2014-15 year, according to the International Monetary Fund (IMF).

The IMF had predicted 7.7pc GDP growth for the year in January. The economy will continue to be driven by both domestic and foreign investment, said Matt Davies, head of an IMF team visiting Myanmar for Article IV talks.

Continued foreign and domestic investment can drive economic growth, “but what the foreign companies need to enter is have a sound regulatory regime underpinning their entries,” he said.

Mr Davies added that it is important investment is not concentrated in resources.

“What is absolutely vital is that growth happens and provides jobs for many people in the economy, it isn’t just focused on the small capital intensive resource sectors,” he said.

Agriculture has also had a stronger year than previously predicted, he added.

The Article IV consultation process sees an IMF team of economists visit a country – usually annually – to assess economic and financial developments and discuss policies with government and central bank officials, before reporting back to the IMF.


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