A report by the Asian Development Bank has predicted the gross domestic product of Myanmar could reach as high as 9.5 percent by 2030, which would see the country’s GDP raised to nearly US$5000 (K487,500) per capita.
The study entitled ‘Myanmar: Unlocking the Potential’, was released to the media at a presentation held in Yangon on September 11.
Ms Cyn-Young Park, assistant chief economist at the ADB told the audience that to achieve such growth Myanmar would need to improve the quality of its infrastructure and human resource.
“If the rate of economic growth is fast enough, Myanmar could raise itself out of the list of least economically developed countries. By 2030 Myanmar could reach the present levels of China and Thailand,” said the economist.
She added although the ADB report originally had been based on the previous nationwide population estimate of 60 million people it had been adapted and re-calculated since the release of the new census data.
The report also notes that if growth continues at its present rate of five to six percentper year then GDP per captia would be between $2051 to $2479 (about K200,000 to K242,000).
