YANGON, Oct. 7 (Xinhua) — The Asian Development Outlook 2018, published by the Asian Development Bank (ADB), has updated Myanmar’s estimate economic figures, saying that the country’s growth rate of gross domestic product (GDP) is 6.6 percent for 2018, and seven percent for 2019.
Myanmar’s inflation rate is 6.2 percent for 2018 and six percent for 2019 respectively, Myanmar News Agency quoted the ADB as reporting Sunday.
The current account balance deficit is three percent of GDP in 2018, and four percent in 2019, seeing Myanmar’s trade deficit gradually decreasing.
Foreign trade in the fiscal year 2017-18 was 33.521 billion U.S. dollars, of which 27.24 billion dollars or 81 percent was shared by the private sector.
Figures as of Sept. 21 show that the foreign trade is 17.297 billion U.S. dollars, increasing by 2.353 billion dollars as compared with 2017.
In 2018, the private sector took up 14.806 billion U.S. dollars or 85 percent. Export was up 1.632 billion dollars and trade deficit reduced to about 900 million dollars.
Vice President U Myint Swe, meeting with businessmen in Yangon on Saturday, reiterated the government’s commitment to helping the entrepreneurs overcome challenges as a part of efforts for developing the country’s economy.
Myanmar has drawn up a sustainable development plan with detailed action plans, setting the private sector as the main driving engine for a balanced and sustainable economy.