English
Myanmar’s GDP to Grow by 1.8 % While Neighbouring Economies to Contract
Asia Development Bank’s latest report estimated the GDP of Myanmar to grow to 1.8 percent in 2020 compared to 6.8 percent in 2019 while the GDP of most Southeast Asian economies are estimated to contract.
Like Myanmar, Vietnam’s GDP growth is expected to have 1.8 percent and Burnie’s 1.4 percent.
Thailand’s GDP is estimated to contract by 8 percent, and Singapore 6.2 percent, Malaysia 5 percent, Cambodia 4 percent, and Philippines 7.3 percent.
As the COVID-19 pandemic continues to disrupt global economic activity, developing Asia’s gross domestic product is now expected to contract by 0.7% in 2020. GDP is projected to grow by 6.8% in 2021.
This is the region’s first recession in nearly 6 decades. Excluding high-income newly industrialized economies, regional GDP is expected to contract by 0.5% this year before growing by 7.2% next year. Softening demand and subdued food prices will keep inflation benign. The inflation forecast is revised down from 3.2% to 2.9% for 2020 and maintained at 2.3% for 2021.
The threat of a prolonged COVID-19 pandemic and a return to more stringent containment measures is the main risk to the outlook. While economies in developing Asia remain resilient, continued policy support is needed to underpin recovery.
Source: https://mmbiztoday.com/myanmars-gdp-to-grow-by-1-8-while-neighbouring-economies-to-contract/