IMF and the World Bank slashes growth forecasts

IMF predicts only 0.5% growth in FY 2020/21

The International Monetary Fund has revised its growth forecast to a scant 0.5% for the fiscal year. This is down from an estimated 3.2% growth for the previous fiscal year, which itself was only around half of pre-pandemic expectations. “While

USD 370 million textile zone planned for Sagaing

Sagaing Region will soon receive Myanmar’s first textile-based industrial zone. Myanmar’s Eastern Development International and Chinese partner Dongzhan Textile Group will lead the USD 371 million project. It will include manufacturing f

New fish economic zone floated

The government of Tanintharyi has proposed a new economic zone specifically for the region’s fish and seafood industry. The proposal, officially submitted to the Myanmar Investment Commission, calls for new jetties at the Thai border, a wholesa

Individual permits boost trade MMK 8 billion

A new round of Individual Trading Cards (ITC) has helped boost overall trade by MMK 8.09 billion in the first quarter of the fiscal year, according to the Ministry of Commerce. That number comprises MMK 6.46 billion in imports and MMK 1.6 billion in

Crop exports rise amid overall trade slump

Although overall exports are down, agricultural exports have surged more than USD 150 million compared to the same time in the previous fiscal year. According to the Ministry of Commerce, such exports had exceeded USD 930 million by December 18. Thos
Myanmar to open up Yangon stock exchange to foreign investments

COVID hit YSX trades in 2020

Trades on the Yangon Stock Exchange (YSX) plunged in 2020, according to its annual report. Only MMK 12.6 billion worth of shares were traded, a drop of nearly MMK 800 million from the previous year. The downturn came despite a sixth company, Everflow