Myanmar could be mid income nation by 2030: ADB
BANGKOK (AFP) - Strong economic growth could lift Myanmar to the rank of middle income nation by 2030 if the formerly army-ruled country overcomes a host of reform challenges, the Asian Development Bank said on Monday.
Myanmar's gross domestic product (GDP) has the potential to expand at an annual pace of 7.0-8.0 per cent, while per capita income could triple over the next 18 years, the Manila-based multilateral lender said.
It called for greater investment in infrastructure, education, health and social services to put the country on a sustainable recovery path. ADB Vice-President Stephen Groff said there was "really quite strong potential for growth" in Myanmar.
In order to realise its potential, there needs to be a continuous strong commitment to reform," he added.