• Burmese
Monday, June 16, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
31 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home News Burma

Despite Current Economic Fallout in Myanmar, ADB Forecasts a Bounce

Nan Lwin by Nan Lwin
September 15, 2020
in Burma
Reading Time: 2 mins read
0 0
A A
A stay-at-home order in Yangon is stifling growth. / The Irrawaddy

A stay-at-home order in Yangon is stifling growth. / The Irrawaddy

6k
VIEWS
Share on FacebookShare on Twitter

YANGON — Although Myanmar’s GDP growth has fallen to 1.8 percent due to the effects of COVID-19, the Asian Development Bank (ADB) has reported that growth is forecast to bounce back to 6 percent in 2021.

The bank’s Wellness in Worrying Times: Asian Development Outlook 2020 forecasts Myanmar’s GDP growth for the fiscal year ending Sept. 30 will fall by more than a half due to COVID-19.

However, the projected GDP would bounce back almost as dramatically, ADB said.

RelatedPosts

MNDAA Tells Troops and Allies to Protect Chinese Assets in Myanmar’s Conflict Areas

MNDAA Tells Troops and Allies to Protect Chinese Assets in Myanmar’s Conflict Areas

July 31, 2024
1.8k
China Signs Solar Power Deal with Myanmar Junta

China Signs Solar Power Deal with Myanmar Junta

November 10, 2023
3.7k
Junta Blames Ousted Government for Myanmar’s Economic Crisis

Junta Blames Ousted Government for Myanmar’s Economic Crisis

July 4, 2023
3.9k

It said growth will be supported by a stable performance in agriculture, higher government spending and expansion in the telecommunications sector.

ADB reported Myanmar’s GDP growth at 6.7 percent in the last fiscal year before falling to 4.2 percent in April and 1.8 percent since June.

Since March, Myanmar’s economy has significantly slowed down due to travel restrictions and supply chain blockages. The garment industry, small- and medium-sized enterprises, hotel and tourism and trade have been hit badly by the pandemic.

The tourism industry has been severely affected since April. From October 2019 to July 2020, international tourist arrivals fell by 60.7 percent year on year, said ADB.

It said manufacturing, especially garment production, has been affected in both demand and supplies. Cuts in new orders, supply delays and reduction of the workforce pushed the purchasing managers’ index down in April to the lowest reading recorded, the report said.

It said agriculture is less effected by COVID-19 than other sectors and has been supported by strong domestic and international demand.

“Growth in agricultural exports — mainly rice, beans and other pulses — accelerated by 19.5 percent in the first three quarters of the current fiscal year, from October 2019 to June 2020, over the same period of the previous fiscal year,” it said.

However, the bank warned that exposure to extreme weather, such as flooding, still poses risks to growth.

It reported on the sharp contraction in the garment industry as manufacturing exports in the first three quarters of the fiscal year dropped year on year by 4.4 percent.

However, merchandise exports rose year on year by 2.7 percent in US dollar terms in the first half of the fiscal year, largely supported by agricultural exports, it said.

The bank said imports increased by 9.2 percent, largely driven by investment in government infrastructure projects, widening the trade deficit to US$1.8 billion (2.4 trillion kyats).

It said the approval of foreign direct investment rose to $4.3 billion (5.7 trillion kyats) in June from $3.2 billion (4.2 trillion kyats) in the same period last year. It said electricity projects, real estate development and manufacturing remained attractive to foreign investors.

The Ministry of Investment and Foreign Economic Relations’ investment target for the fiscal year is $5.8 billion (8 trillion kyats).

However, the ADB warned, “future investment inflows could disappoint expectations due to downside risks from the global economy”.

ABD said from October 2019 to June, inflation fell to 7.5 percent from 7.9 percent a year earlier, due to lower commodity prices and subdued demand.

It forecast the inflation rate would fall for this fiscal year and the next year due to weak domestic demand.

You may also like these stories:

Two-Thirds of Myanmar Businesses Struggle to Survive Pandemic: Survey


Singapore Airlines Group Slashes 4,300 Jobs Due to Impact of COVID-19

World Bank: Myanmar Economy to See Growth Drop by 6.3% This Fiscal Year Due to COVID-19

Your Thoughts …
Tags: ADBForeign Direct InvestmentGDP
Nan Lwin

Nan Lwin

The Irrawaddy

Similar Picks:

China Signs Solar Power Deal with Myanmar Junta
Myanmar-China Watch

China Signs Solar Power Deal with Myanmar Junta

by The Irrawaddy
November 10, 2023
3.7k

Chinese ambassador Chen Hai has signed a power-purchase agreement with the regime over three solar projects in Magwe and Mandalay...

Read moreDetails
MNDAA Tells Troops and Allies to Protect Chinese Assets in Myanmar’s Conflict Areas
Burma

MNDAA Tells Troops and Allies to Protect Chinese Assets in Myanmar’s Conflict Areas

by The Irrawaddy
July 31, 2024
1.8k

The Myanmar National Democratic Alliance Army says it troops must "make their utmost efforts to prevent Chinese businesses from being...

Read moreDetails
Around 40% of Myanmar’s Population Plunged Into Poverty in 2022: World Bank
Burma

Around 40% of Myanmar’s Population Plunged Into Poverty in 2022: World Bank

by The Irrawaddy
July 22, 2022
11k

Myanmar’s annual GDP contracted by 18% in 2021, dropping to its lowest level since 1962.

Read moreDetails
Foreign Investment in Myanmar Plunges 60% on-Year in First Quarter
Economy

Foreign Investment in Myanmar Plunges 60% on-Year in First Quarter

by Hein Htoo Zan
June 8, 2023
7.4k

Investors are shunning the junta-ruled country due to conflict, financial mismanagement and crumbling infrastructure, experts say.

Read moreDetails
Junta Blames Ousted Government for Myanmar’s Economic Crisis
Economy

Junta Blames Ousted Government for Myanmar’s Economic Crisis

by The Irrawaddy
July 4, 2023
3.9k

The NLD’s successes were a mirage and the economy is getting better under his rule, junta boss claims.

Read moreDetails
European Dam Specialists Withdraw From Myanmar Amid Rights Concerns
Burma

European Dam Specialists Withdraw From Myanmar Amid Rights Concerns

by Hein Htoo Zan
April 28, 2023
6.1k

Swedish-Finnish dam engineering services supplier AFRY says it will withdraw from Myanmar by the end of 2023.

Read moreDetails
Load More
Next Post
A health worker checks temperatures at a COVID-19 inspection gate in Naypyitaw. / Thiha Lwin / The Irrawaddy

Civil Servants Among COVID-19 Patients as Cases Spread Through Myanmar Capital

Health workers at Sittwe Hospital bid farewell to patients who were discharged on Sept. 5. / Min Aung Khine / The Irrawaddy

Rakhine COVID-19 Hospital Reports High Recovery Rate

No Result
View All Result

Recommended

The Hidden Fallout From China’s Cross-Border Crime Crackdown in Myanmar

The Hidden Fallout From China’s Cross-Border Crime Crackdown in Myanmar

1 week ago
1.6k
How the Myanmar Military’s Propaganda Efforts Have Evolved Over the Decades

How the Myanmar Military’s Propaganda Efforts Have Evolved Over the Decades

5 days ago
1.1k

Most Read

  • Sagaing Protesters Condemn Civilian Govt Toll Charges

    Sagaing Protesters Condemn Civilian Govt Toll Charges

    shares
    Share 0 Tweet 0
  • Untested Commander Takes Charge as Myanmar Military Faces Toughest Challenge in Decades

    shares
    Share 0 Tweet 0
  • Is TNLA, Under Chinese Pressure, Conceding Northern Shan Gateway to the Regime?

    shares
    Share 0 Tweet 0
  • Myanmar Tourism Sector Mocks Junta’s Russia Tourist Drive

    shares
    Share 0 Tweet 0
  • Sagaing Region Braced for Myanmar Junta Airstrikes After Jet Crash

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.