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Myanmar’s economy to shine in 2020?

It was reported recently that the ASEAN +3 Macroeconomic Research Office (AMRO) had given Myanmar’s economy a positive outlook for the fiscal year of 2019 to 2020, expecting it to expand by 7.1 percent up from 6.8 percent in the previous fiscal year. This is largely thanks to reform momentum, improving business sentiments, growth in manufacturing, tourism related expansion and stronger fiscal spending.

According to AMRO, the five key sectors with growth potential in Myanmar this year are (1) the tourism industry, (2) property, (3) insurance, (4) digital transactions and (5) the stock exchange business.

Looking at the tourism industry, several measures have been taken to attract tourists. Among these measures is the easing up on visa requirements. Beginning 1 October last year, tourists from Australia, Germany, Italy, Spain, Switzerland and Russia were given visas on arrival for US$50 each at Yangon, Mandalay and Nay Pyi Taw international airports. Even more recently, on 1 January, the government of Myanmar relaxed its visa regulations for five more countries. Travellers from the Czech Republic, Luxembourg, New Zealand, Hungary and Austria will be given visas on arrival when entering the country for the next three years.

There have also been a slew of new flight routes coming in and out of Myanmar and neighbouring countries including India, China, Cambodia, and Thailand all throughout 2019.

On the property front, property investors are expecting prospects to improve after measures were taken to modernise and regulate the sector in the past two years. On 5 January last year, Myanmar’s Ministry of Construction announced the formation of a management committee to oversee the implementation of regulations under the Condominium Law 2016 and Condominium Rules 2017.

In December, Myanmar Construction Entrepreneurs Association (MCEA) general secretary, U Myo Myint was quoted as saying that the Condominium Management Committee had been fine-tuning the registration process under the Condominium Law and will accept registrations early this year.

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Source : The Asean Post

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