The International Monetary Fund (IMF) and the World Bank have both cut their GDP growth estimates for Myanmar in 2018-19. This highlights further indications of a lack of confidence in the country’s economy. In a statement, the IMF revised its growth expectation for 2018-19 to 6.4 percent. The initial  estimate of the growth rate was 7.0 percent. Meanwhile, the World Bank also said it expected the economy to expand by 6.2 percent in the same financial year, down from an earlier estimate of 6.8 percent. The crisis in Rakhine State and a less favorable global economic environment were reasons for downsizing. “The implementation of a second wave of reforms with greater investments, in both physical and human capital, financed by higher revenues and improved spending efficiency should sustain Myanmar’s growth take off,” Mr Shanak J Peiris, a member of the IMF team, was quoted as saying by Frontier. He also added that a prolonged crisis in Rakhine State and a withdrawal of trade preferences could reduce donor financing and investment. However, both IMF and the World Bank said the medium-term looked more optimistic. The government initiatives such as the release of the Myanmar Sustainable Development Plan, and the country’s involvement in China’s Belt and Road Initiative.