ADB Sees More Growth for Myanmar Economy, Pushes for Reforms

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"Aided by able macroeconomic management, economic growth will spurt in 2018, with Vietnam becoming one of the strongest performers in the region", the Manila-based lender said in its Asian Development Outlook (ADO) 2018 released on Wednesday.

The organisation expressed its hope that GDP growth of the country will be 7.2 percent in 2018-19 fiscal years.

The Asian Development Bank (ADB) has estimated that the Indonesian economy will expand by 5.3 percent year-on-year (yoy) in 2018 and 2019 on the back of rising investment and an improvement in household consumption.

"The current account surplus is forecast to widen to equal 6.9% of GDP in 2018 before returning to 6.2% in 2019 as the Shah Deniz II gas field begins operation, and with oil prices projected to remain above $60/barrel".

"Even with increased capacity utilization of industries, industrial growth is set to be lowering in 2018 from the high rate in 2017, due to low investment in the manufacturing sub-sector for years owing to political instability and structural bottlenecks", said the statement issued by ADB Nepal.

It said exports would also continue to grow, but not as fast as imports, owing to continued Foreign Direct Investment (FDI) and the huge demand for public investment in infrastructure.

"We expect this growth to further lift wage employment numbers, add to household incomes, and benefit more poor families across the archipelago", Bird said. Expansion in services and agriculture stabilized the economy in 2017.

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The bank said that on average the Asian economies will grow six percent this year and five-point-nine percent next year.

The economy expanded by 6.8% a year ago and 7.38% in the first three months of 2018, its best first-quarter performance in a decade, according to official data.

In 2019, meanwhile, inflation is expected to marginally decline to 3.9 percent.

The ADBs growth projection of 7.3 per cent this fiscal is in line with that of rating agency Fitch, but a tad lower than RBIs forecast of 7.4 per cent.

The report also noted there are external risks to the Philippines' growth outlook from heightened volatility in worldwide Financial markets and uncertainty about global trade openness, although the country's strong external payments position would cushion these effects.

The report provides suggestions on ways to enhance government capacity, including strengthening coordination between government agencies and improving technical capacity of staff within these agencies, and fostering stronger partnerships between government agencies, the private sector, and development partners.

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