(212) 419-8286. hadley.ward@statista.com. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. The statistic shows the growth in real GDP in Myanmar, also known as Burma, from 2015 to 2019, with projections up until 2025. In 2019, the GDP contribution from the rental and other services sector in Myanmar grew by almost 12.9 percent compared to the previous year. Try our corporate solution for free! The report also projects economic growth will accelerate to 6.7 percent by the 2020-21 fiscal year. The Myanmar economy is projected to grow by 6.6 percent in 2020, according to the World Bank, a tad higher than its 6.5pc projection for this year. Myanmar experienced a chronic exchange rate instability in the last fiscal year that harmed economic growth and widened inflation. Due to the pandemic, Myanmar’s GDP growth forecast for FY2019/20 has been revised downward from 6.4 percent to just 0.5 percent as all sectors are hit, with adverse effects of varying intensity projected across all sectors. Twenty-six economies will experience a positive growth rate in 2020. "Myanmar: Gross Domestic Product (Gdp) in Current Prices from 2005 to 2025 (in Billion U.S. Prior to the COVID-19 pandemic, economic growth in Myanmar was projected to pick up to 6.3 percent in FY2019/20 and 6.4 percent in FY2020/21. The research group lowered its real gross domestic product (GDP) growth forecast for financial year 2020/2021 to 2 per cent, down from 5.6 per cent. The COVID-19 pandemic has interrupted Myanmar’s economic expansion, and while Myanmar is expected to narrowly escape a recession, helped by a strong start to the fiscal year, policy responses, and the limited disease outbreak, the growth recovery is at great risk. The Trading Economics Application Programming Interface (API) provides direct access to our data. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Myanmar's GDP growth is expected to contract by 9.8% in 2021 – ADO 2021. An anticipated decline in international remittances could directly reduce household income, though such remittances are concentrated among nonpoor households. Meanwhile, industrial production (36 percent of the economy) is expected to contract by -0.2 percent in FY2019/20 as lockdown measures restrict access to labor, the closure of the overland border with China disrupts the supply of industrial inputs, and both domestic and international consumer demand remain soft. GDP per Capita in Myanmar (formerly Burma) (with a population of 53,382,523 people in 2017) was $1,489, an increase of $85 from $1,404 in 2016; this represents a change of 6.1% in GDP … Nandar Hlaing joined the IMF Myanmar Office in June 2013, a founding member of the new office. Most surveyed firms were not able to adopt new mechanisms to cope with the challenges posed by COVID-19. In comparison, Myanmar recorded an approximate 18.6 percent growth … The second democratic national elections are scheduled for November 2020. In this scenario, “poverty rates would increase in the short term and will not return to pre-crisis levels until fiscal year 2021-2022.” Dollars)." Aggregates are based on constant U.S. dollars. Direct access to our calendar releases and historical data. ANN/China Daily - China's GDP growth is expected to be about 6 percent in 2020, The Beijing News said quoting the latest report from the Chinese Academy of Social Sciences (CASS). Indeed, the ICT sector is experiencing a surge of activity driven by a sudden increase in telecommuting and e-commerce. The most important sector of the economy is services, which has been growing steadily in the last few years, and now account for over 38 percent of GDP. Overall, GDP growth across the region is forecasted to fall to 4.2% in 2020, down from 4.5% in 2019, the slowest pace of growth since the 2008 global financial crisis. In 2019, GDP growth for Myanmar was 2.9 %. Thant Zin Win, Office Driver He was selected to work for the IMF Myanmar Office in January 2014. The description is composed by our digital data assistant. However, growth had already been slowing when the coronavirus shock hit in early 2020. The share of agriculture has been declining, and now represents 36 percent of GDP. Myanmar Economic Outlook. According to the report, if Myanmar controls the domestic spread of the coronavirus and the global economy swiftly recovers, Myanmar’s GDP growth rate is projected to bounce back to 7.2 percent in the 2020-21 fiscal year. Skip to main content. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor education that prevail in the country where she lives. Consumer spending could triple from USD 35 billion to USD 100 billion by 2030. Projections by IMF. Label. GDP Annual Growth Rate in Myanmar decreased to 2 percent in 2020 from 6.50 percent in 2019. source: Central Bank of Myanmar GDP Annual Growth Rate in Myanmar averaged 8.32 percent from 1994 until 2020, reaching an all time high of 13.84 percent in 2003 and a record low of 2 percent in 2020. Slowing economic growth threatens to partially reverse Myanmar’s recent progress in poverty reduction while deepening the poverty of households that are already poor. Myanmar’s middle class population will reach 19 million by 2030, from just 2.5 million in 2010. Myanmar The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. Are you interested in testing our corporate solutions? World Bank national accounts data, and OECD National Accounts data files. November 17, 2020. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Myanmar was under a military regime for decades, yet since 2011, a transition to democracy has been taking place. The Vice President delivered an opening speech at the Myanmar EU Economic Forum held in Nay Pyi Taw on June 5. The World Bank has downgraded Myanmar’s GDP growth forecast for 2019-20 fiscal year to between 2.0 and 3.0 percent, down from 6.3pc, but is still anticipating higher growth rates in Myanmar than most developing economies in the East Asia and Pacific region. Economic indicators for Myanmar. Myanmar's per capita GDP growth rate is forecasted at -10.6% in 2021 – ADO 2021. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. It is also a country that has achieved much in a relatively short period of time, after only setting out on the path of liberalisation and democratisation in 2011-12. After activity took a likely severe hit in H1 amid the health crisis, the economic panorama remains bleak in H2, particularly in Q4, amid soaring Covid-19 infections. July 7, 2020. The World Bank Group works in every major area of development. Only these four countries have a gdp growth rate above 3%. More than half of the surveyed firms were aware of local or national government support programs, but only a small fraction reported applying for such support. Please do not hesitate to contact me. She manages all the administrative and budget related work in the office. 2.0 (%) in 2020. It also slashed its economic outlook for FY 2021/2022 to 2 per cent from 6 per cent. Guyana is followed by South Sudan (4.11%), Bangladesh (3.80%), and Egypt (3.55%). Myanmar Coronavirus COVID-19 Cases at 142954.00 Persons, Myanmar Coronavirus COVID-19 Deaths at 3210.00 Persons, Myanmar Coronavirus COVID-19 Vaccination Total at 1040000.00 doses, Myanmar Coronavirus COVID-19 Vaccination Rate at 1.91 doses per 100 people, Myanmar Coronavirus COVID-19 Recovered at 132045.00 Persons, Deposit Interest Rate in Myanmar at 8.00 percent, Myanmar Average Precipitation at 18.73 mm, Myanmar Average Temperature at 19.32 celsius, Hungary Inflation Rate Surges to Near 8-1/2-Year High of 5.1%, Czech April Inflation Rate Quickens to 7-Month High, Turkey Retail Sales Growth at Decade High, Italy Industrial Output Falls Unexpectedly in March, Turkey Current Account Gap Narrows in March. The economy of Myanmar has a nominal GDP of USD $76.09 billion in 2019 and an estimated purchasing power adjusted GDP of USD $327.629 billion in 2017 according to World Bank. Also Show. Myanmar is now one of the fastest-growing economies in Asia Pacific, with a key geostrategic location, abundant natural resources and a youthful population underpinning its progress. 1994-2020 Data | 2021-2023 Forecast | Historical. Myanmar is now in turmoil after the military staged a coup against the ruling National League for Democracy (NLD) and detained its leader, Aung San Suu Kyi, over unsubstantiated allegations of electoral fraud. Special Topic 1: The Firm-Level Impact of the COVID-19 Pandemic, Special Topic 2: The Impact of COVID-19 on Household Welfare and Poverty, Global data and statistics, research and publications, and topics in poverty and development, Press release: Myanmar’s Economy Severely Impacted by COVID-19: Report, Video: The Impact of COVID-19 on Myanmar's Economy, Environmental and Social Policies for Projects. The impacts of the crisis transmit through external and domestic channels, and are not evenly distributed across sectors: tourism-related services and transportation activities are highly exposed to the pandemic, while the agriculture and information and communications technology (ICT) sectors have proven relatively resilient. GDP Growth and GDP per capita Growth of Myanmar. To learn more about cookies, click here. Agriculture (22 percent of the economy) has proved resilient with growth estimated to slow by less than in other sectors, to 0.7 percent, thanks to strong crop production offsetting a weakening livestock and fisheries sector. Parliament has approved the new National Plan law for fiscal 2019-20, which will be effective from October 1, 2019 to September 30, 2020. Myanmar’s economy is pretty diversified. It said: "Myanmar's growth outlook depends heavily on a pipeline of key infrastructure projects and foreign direct investment, which could be delayed or … Myanmar's inflation rate forecasted at 6.2% in 2021 – ADO 2021. U Maung Maung Win, Deputy Minister of the Ministry of Planning, Finance, and Industry, forecasted that the country’s GDP growth in the 2020-21 Fiscal Year targeting to reach K125.803 trillion. The new, civilian led, reformist government has taken charge and the country has began to open up to foreign direct investment. The strong backlash to military rule will push the economy into a deep recession of over 9% in 2021, and irreparably tarnish its once-promising growth … အောက်တွင် မြန်မာလို ဖတ်ရှုနိုင်ပါသည်. In 2019, the growth rate of GDP contribution from the total industry sector was estimated at approximately 8.4 percent. Myanmar gdp per capita for 2019 was $1,408, a 0.73% decline from 2018. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. We expect the junta to remain in power amid its increasingly brutal crackdown, but at enormous costs to the economy and polity. She holds degrees from Yangon University (B.A-English (Hon)) and Yangon Institute of Economics (MPA). Myanmar gdp per capita for 2018 was $1,418, a 9.8% increase from 2017. 1961 - 2019. GDP growth. Agriculture firms were the most likely to report cashflow shortages and diminished access to credit, reflecting their greater vulnerability to economic crises. As a result, poverty is likely to increase, and macro-fiscal and financial risks have risen sharply. 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. GDP Actual Q2 Q3 Q4 Q1 2022; GDP Annual Growth Rate (%) 2.00 5.5: 5.5: 6: 6: 6: GDP (USD Billion) 76.09 75.8: 75.8: 75.8: 75.8: 76.3 Myanmar's middle class continues to grow, driving up spending. Myanmar's economy is expected to grow in coming years while the country's GDP is estimated to rise to 6.8 percent in 2020, Vice President Myint Swe quoted Asian Development Bank as saying. While firms in all sectors have been affected by COVID-19, the nature and severity of the pandemic’s impact differ substantially across sectors. Many poor households are especially exposed to the effects of the COVID-19 crisis due to job insecurity, employment in the informal sector, and low savings. All values, unless otherwise stated, are in US dollars. 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