Home / Knowledge / News / Textiles / Myanmar economic growth to moderate in 2015-16: World Bank
Myanmar economic growth to moderate in 2015-16: World Bank
07
Oct '15
The World Bank's East Asia Pacific Economic Update says the region remains one of the main growth drivers of the world economy, accounting for nearly two-fifths of global economic growth Overall, the East Asia Pacific region is expected to grow 6.5 per cent in 2015, moderating slightly from 6.8 per cent last year.

“Growth in developing East Asia Pacific continues to be solid, but the moderating trend suggests policy makers in the region must remain focused on structural reforms that lay the foundation for sustainable, long-term and inclusive growth. These reforms include regulatory improvements in finance, labor and product markets, as well as measures that enhance transparency and accountability. These policies will reassure investors and markets, and help sustain growth that can help lift people out of poverty,” said Axel van Trotsenburg, World Bank East Asia and Pacific Regional Vice President.

The report released this week looks at the challenging global environment facing the region. The recovery in high-income economies remains gradual, global trade is growing at its slowest pace since 2009, and the widespread slowdown in developing countries has intensified, particularly in commodity producers affected by lower commodity prices.

According to the report, Myanmar's economy grew at 8.5 per cent in real terms in 2014-15 but growth is projected to moderate to 6.5 per cent in 2015-16 due to floods and slowing investments.

Economic reforms have supported consumer and investor confidence despite ongoing business environment and socio-political challenges. Rapidly rising demand for investment-related imports has widened the current account deficit. This together with the general strengthening of the dollar has put pressure on Myanmar's exchange rate.

Rapid growth in credit to the private sector has fueled monetary expansion. Inflation is estimated to have reached around 10 per cent in the year to July. Medium-term economic growth prospects remain strong assuming continued progress on reforms, the report said. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pexels

Textiles | On 17th Jul 2018

Trade wars could depress medium-term growth prospects: IMF

The recently announced and anticipated tariff increases by the US and ...

Courtesy: Mat Brown from Pexels

Textiles | On 17th Jul 2018

India increases import duties on textiles & apparel

The Government of India has increased basic customs duty on several...

Luis Quijano

Textiles | On 17th Jul 2018

US varsity student cultivates bacterial cellulose in lab

Luis Quijano, a student at the Liberty University in Lynchburg,...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search