Myanmar can quadruple economy by 2030, report says

Published: 31st May 2013 10:19 AM  |   Last Updated: 31st May 2013 10:19 AM   |  A+A-

Blessed with natural resources, including significant gas reserves and precious gems, experts believe Myanmar has the potential to more than quadruple the size of its economy by 2030 if it manages to build infrastructure and maintain political stability.

The McKinsey Global Institute says Myanmar has the land, manpower and resources to expand its economy from $45 billion in 2010 to more than $200 billion by 2030.

Growth potential rests mostly in energy and mining, agriculture, manufacturing and infrastructure. Of these, manufacturing has the most potential since companies wanting to avoid rising wages in China and other Asian countries could find Myanmar particularly appealing.

The country began political reforms in 2011 after its military junta handed power to a nominally civilian government. Since then, foreign investors have been rushing in.

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