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Mandalay Region expects per capita GDP to rise

Mandalay Region’s per capita GDP, which has been steadily rising in recent years, is expected to continue doing so with a combined K841.6 billion in investment flows entering the region in the current fiscal year through June. Myanmar changed its fiscal year from April 1 to October 1 starting from the current fiscal year, which […]

Myanmar economy to rebound

Despite Myanmar’s economic growth having declined to 6.2 per cent last year from 6.8 per cent in 2017 , the nation remains resilient and is expected to return to growth of 6.5 per cent this year and 6.6 per cent next year, according to WB economists. Andrew Mason, World Bank’s acting chief economist for East […]

Growth, living standards to rise as Mandalay aims to be second growth engine

Living standards in Mandalay Region are expected to rise this year with per capita GDP rising to K1.7 million compared to K1.5 million in the past, said regional chief minister U Zaw Myint Maung at the Mandalay International Trade Fair and Business Forum held on March 23. This will come on the back of rising […]

Long term economic improvement certain, strategy needed: U Win Aung

THE government has come under pressure for its handling of the Myanmar economy, with stakeholders lamenting the slowing pace of economic reform and investment flows. During the first half of 2018, approved foreign direct investments (FDI) totalled just $1.7 billion, compared to $4.1 billion during the same period in the previous fiscal year. Meanwhile, GDP […]

Govt counting on Asian travellers to boost tourism

Myanmar’s tourism sector has borne the brunt of the Rakhine refugee crisis, with growth in tourist arrivals dropping to 1 percent in 2018 compared with 7.1pc in 2017, according to the World Bank. The number of western tourist arrivals fell the most, more than offsetting arrivals from Asia. The numbers reflect reports of booking and […]

Govt deploys strategy to raise tax revenues

Myanmar will implement plans to raise tax revenues in the coming years. “Our target is collect over 15 percent in taxes to GDP,” said U Min Htut, director general of the Internal Revenue Department under the Ministry of Planning and Finance. The tax to GDP ratios of other ASEAN countries are all above 10pc, with […]

Myanmar’s state-owned enterprises show how much reform is still needed

NOTHING has been made in the engine factory in Thagaya, in the south of Myanmar, since April last year. Yet around 350 employees still turn up each day. In 2016 government-owned factories like this one made a loss of more than $200m. When Myanmar moved from military dictatorship to a form of democracy, its new […]

Govt racks up larger debt, but more is local

The NLD government has accumulated debt totaling K6.7 trillion during the duration it has been in power, according to documents supporting the 2018-19 Budget. That’s more than half the K11.7 in debt racked up by U Thein Sein’s former administration during its entire five-year term. However, while U Thein Sein’s Union Solidarity and Development Party […]

GDP expands to 7.4pc as more companies are cleared for business

Mandalay Region, Myanmar’s second largest city, has permitted the opening of 14 local and foreign businesses in the 2017-2018 fiscal year, said Dr Zaw Myint Maung, chair of the Mandalay Regional Investment Committee. Nine foreign companies will contribute foreign direct investments totaling $13.6 million, while the remaining six companies will contribute K23.1 billion in local […]

Disaster-prone Myanmar presses alert button as monsoon looms

Vice President U Henry Van Thio is a possessed man, running here and there, to check on the preparations of local governments in response to the perennial threats of the monsoon, which is just around the corner. The vice president, who is also chairman of the National Natural Disaster Management Committee, assured that he will […]