ADB:Myanmar should become middle-income country by 2030

BANGKOK, August 20 (TNA) - The Asian Development Bank (ADB) has viewed that Myanmar should become a middle-income country within 2030 or over the next 18 years, with its annual per capita income reaching 2,571 US dollars, three times as much as its per capita income of 857 US dollars last year. Referring to ADB's first report on Myanmar after the neighbouring country's political and economic reform started last year, ADB Vice President for East Asia, Southeast Asia and the Pacific Stephen Groff said Monday that his Manila-based bank now considers Myanmar as an emerging country in Asia, with its economic growth projected at 6 per cent this year and at 7-8 per cent annually afterwards. Groff acknowledged that the projected Myanmar economic growth rates should happen if its reform continued, pointing out, however, although poverty is likely to be relieved in Myanmar, the neighbouring country now remains among four poorest countries in the 10-member Association of Southeast Asian Nations (ASEAN), together with Laos, Cambodia and Vietnam. The ADB report suggested that Myanmar secure its economic growth by strengthening its macroeconomic condition, keeping inflation below 6 per cent, working out optimal national budget, promoting domestic savings, investing in human resource development, infrastructure, transportation, energy and telecommunication projects and modernizing its financial sector. According to the ADB report, only a quarter of Myanmar people have had access to electricity and only one-fifth of roads in Myanmar are standard; so, Myanmar is recommended to invest in education, health and other public services, as well as irrigation to reduce poverty. The ADB report also noted that the majority of Myanmar people are farmers, but less than 20 per cent of the country's farmlands have been irrigated, cautioning that challenges also remain in Myanmar, namely negative impacts from regional economic liberalization, weather problems, environmental deterioration and internal conflicts. (TNA)