Myanmar’s economy grows more than 6%

DPA/Bangkok

Myanmar’s economy grew 6.3% in the fiscal year that ended March 31, compared with 5% the previous year, the Asian Development Bank said yesterday.

It said the growth “reflects business optimism buoyed by the government’s steps since 2011 to liberalise the economy and prospects for further reform.”

Investor optimism was reflected by a 14-fold increase in the number of new foreign company registrations in the first 10 months of fiscal 2012. The government granted investment approvals to 62 foreign projects in the April-December period, more than the number granted during the previous three years. Revenues from tourism exceeded $500mn in 2012, up more than 60% compared with the previous year.

“Net foreign direct investment flows and renewed official development assistance supported an overall balance of payments surplus and increase in foreign exchange reserves to an estimated $5.1bn in fiscal 2012, equal to about four months of imports of goods and services,” the report said.