31 May '13, 4am

Asia #Business ~ Myanmar can quadruple economy by 2030, report says - Straits Times #Pacific

Asia #Business ~ Myanmar can quadruple economy by 2030, report says - Straits Times #Pacific

Growth potential rests mostly four key areas – energy and mining, agriculture, manufacturing and infrastructure. Of these, manufacturing is by far the most important since companies could conceivably relocate to Myanmar from China and other Asian countries where wages are rising, said the report by MGI, the research arm of management consulting firm McKinsey & Company. “Myanmar is coming of age in the digital era. If it uses technology fully and innovatively – in banking, government, health care, agriculture, education, and retail – Myanmar could leapfrog interim development phases to become one of the world’s fastest-growing economies,” Mr Fraser Thompson, an MGI senior fellow, said in the report. Myanmar’s gross domestic product is now less than 1 per cent of Asia’s gross domestic product or roughly equivalent to cities such as New Delhi and Johannesburg. It is the poore...

Full article: http://www.straitstimes.com/breaking-news/se-asia/story/m...

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