Myanmar economy to grow 7.8 percent in next two years: ADB

Myanmar's economic growth is expected to pick up to an annual rate of 7.8 percent in the next two fiscals (2014-15 and 2015-16), according to the Asian Development Bank (ADB).

The country's economic growth for the 2013-14 fiscal which ended in March is estimated at 7.5 percent, Xinhua reported citing an ADB press release made available Monday on the bank's latest Asian Development Outlook.

A recent ADB study noted that Myanmar could reach upper middle-income status by 2030 if it overcame development challenges, but currently about 25 percent of the population lives below the national poverty line.

ADB is keen to support investment in the energy, transport, urban, agriculture, and social sectors such as education and health, which will help build the foundations for inclusive growth, Takehiko Nakao, president of the ADB said during a meeting with Myanmar President U Thein Sein on the sidelines of the ASEAN Finance Ministers Meeting in Nay Pyi Taw over the weekend.

Nakao stressed the importance of continuing to pursue sound economic policies, enhancing structural reforms, and boosting the investment climate to attract much needed investment.

He also emphasised the importance of ensuring development projects which include the necessary safeguards to protect fragile environments and affected communities.