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IMF likes Myanmar's prospects

Published by Steve Coleman on May 08, 2012

The International Monetary Fund is predicting good things for Myanmar in the next few years.

A look at the Southeast Asian country by the international bank says the country's new government could make a real impact on its economy.

"In the medium term, Myanmar could certainly achieve higher growth rates and lift living standards for all of its citizens," said Meral Karasulu, IMF Mission Chief for Myanmar. "It has the potential. It has rich natural resources, a young labour force and is close to some of the most dynamic economies in the world."

GDP growth projections say the country's economy will increase 5.5 per cent this year and rise to six per cent in 2012-13. Higher commodity exports and more foreign investment are expected to help boost Myanmar's fortunes.

The IMF says inflation may hover around the 4.2 per cent mark this year and increase to 5.8 per cent next year as low food prices start increasing.

The Canadian government lifted most sanctions, except for arms sales, to the country on April 24.

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