Bangkok, April 12 (IANS) Myanmar will witness a robust growth as Western countries start to ease sanctions, an Asian Development Bank (ADB) official has said.
The ADB projected a six-percent GDP growth for Myanmar in 2012. “But it is a very conservative projection. I wouldn’t be surprised if the actual number turns out to be much higher,” said Craig Steffensen, ADB’s chief on Myanmar and Thailand.
Myanmar has made progress in reforming its exchange rate, land law and financial sector. It is also making good decisions in boosting investment, tourism and export.
“Hotels, flights are booked out. Business people are looking for opportunities in Myanmar,” Steffensen said here Wednesday.
The US and EU have pledged to ease sanctions on Myanmar, a major boost to the country’s economic prospect, Xinhua reported.
US Secretary of State Hillary Clinton said America will begin easing sanctions on Myanmar after opposition leader Aung San Suu Kyi was elected into the parliament.
It is essential that sanctions are removed to drive the export-oriented growth model, which Myanmar is likely to adopt for future development, he added.
Myanmar used to have the same economic development level as Thailand before being sanctioned. “It has the potential for a leapfrog development to shorten the difference with its neighbours,” Steffensen added.