The Asian Development Bank (ADB) is a regional development bank established on 19th December 1966 with its head office in Manila, Philippines with 31 field offices. It aim is to promote social and economic development in Asia.
ADB publishes an annual review, which analyses the economies of 45 countries in Asia and The Pacific. This year, and no surprise to us and you if you are a regular reader of our blogs, ADB has stated: “Since 2012, Myanmar’s economy has experienced strong growth, exceeding 6% of its gross domestic product expansion annually. After decades of isolation, the Southeast Asian nation of Myanmar is roaring ahead with the fasting growing economy in Asia in 2016. Myanmar’s booming economy is expected to grow 8.4 percent in 2016” and ADB confirms: “Myanmar is the Fastest Growing Country in Asia”. Congratulations to Myanmar.
The Bank also operates The Country Partnership Strategy (CPS), which provides the strategic framework for ADB to engage with a developing member country (DMC). The consultation for Myanmar is scheduled May and June 2016 with Board Endorsement due in November. Incidentally, many congratulations to ADB as they approach their 50th Anniversary.
Across the region ADB forecasts 5.7% growth for developing Asia in 2016 and 2017 and considers “developing Asia will continue to contribute 60% of world growth”. (Note above the figure of 8.4% for Myanmar)
As per our blogs since we opened our offices in Myanmar, the political and economic reforms have spurred the Myanmar economy into continual growth. This is despite terrible climatic events in 2015 with catastrophic floods across many areas. A terrible event, not only for human tragedy, but also due to the dependence on agriculture in outlying regions.
This hit the economy hard, but it is indicative of the strength of the people of Myanmar to get over a catastrophe and move on. There is still heavy dependence on agriculture but other industries are growing fast, as also reported in our blogs, notably overseas investments in companies and rapidly growing visitor numbers on tourist and business visas.
Reports for 2015 indicate the “booming economy, hardly faltered” adding that “garment exports increased by 28 percent to $2 billion, natural gas increased, tourism benefited from 4.7 million visitors in 2015 and reported tourist revenues grew by 19% to $2.1 billion”.
Don’t forget if you have not read our earlier blogs, do please review them as we cover Telecoms, Ease of Doing Business Awards, and financial investment growth for Myanmar.
We have said it before and we say again, this is a country with continual growth and growing opportunities and profits. FocusCore is totally designed to help you start, operate and prosper in this booming economy. From your first days, seeking visas and work permits, to outlining and confirming your company strategy, to finding office locations or immediate office space, together with telecoms and staffing solutions all backed up by ongoing corporate and bookkeeping services. Call us now to discuss how your company can also prosper.