YANGON, April 3 (Xinhua) -- The Asian Development Bank (ADB) forecasted that Myanmar's gross domestic product (GDP) will grow 6.6 percent in FY 2018-2019 which will end in September.
The ADB released on Wednesday "Asian Development Outlook 2019" (ADO-2019) with estimated economic figures, saying that Myanmar will see a positive growth rate of GDP for the next fiscal years -- 6.8 percent in FY 2019-2020.
"Prospects for Myanmar's economic growth for 2019 and 2020 looks positive as the country opens up the retail and wholesale sectors and continues to modernize corporate governance and management in Myanmar," Newin Sinsiri, country director of ADB for Myanmar told media.
In FY 2018-19, the growth in the country's service sector is expected to rise to 9 percent due to the rapid growth in telecommunications and tourism-related subsectors while agriculture sector will see only 0.5 percent of growth and 8.2 percent in the industry sector, according to the ADO-2019.
Meanwhile, the ADO-2019 forecasted Myanmar's inflation rate will ease to 6.8 percent in FY 2018-19 but is expected to revive to 7.5 percent in FY 2019-2020.
The report also said that the current account deficit is forecast to widen to 4 percent in FY 2018-19 and 5 percent in FY 2019-2020.
According to the figures from the Directorate of Investment and Company Administration (DICA), over 1.7 billion U.S. dollars in foreign investments flowed into the country as of February in the present FY 2018-19.
