The whole country is experiencing hardships even though economic growth is expected to occur by the ADB and the IMF, said Maung Maung Win, Deputy Minister for Planning and Finance at the CEO Conference in Novotel Hotel in Yangon on May 11.
“The economic condition was estimated based on the economic growth rate and the country’s finances. Ministry of Planning and Finance is monitoring the economic conditions while International financial institutions like the ADB and the IMF issue estimates for the country. To sum up, the country’s economic growth rate remains at the high level. Due to natural disasters during the past two years, the economic growth dropped to 5.9 per cent despite the expected growth,” he added.
In 2016-17 and 2017-18 fiscal years, the economic growth rates were up. The growth rate is expected to reach seven per cent in 2018-19 FY like the said institutions estimated. The growth rate is estimated to continue to be strong. Now the inflation rate has dropped compared to that in the previous two years. Economic outlook data is good but the whole country is experiencing economic plights in practice, he continued.
Currently, the inflation rate is more than six per cent. In the coming two years, the inflation rate is around six per cent, according to a press conference on the release of a report on the Asian Development Outlook 2018.
In 2020, the central bank will not pay budget deficits to the government to stabilize the inflation rate. The central bank will solve it by selling exchange certificate and treasury bound, said Soe Thein, vice-governor of the Central Bank of Myanmar in late January.
Currently, the average monthly inflation rate is around 4.5 per cent. According to the annual calculation, it dropped to five per cent. The ministry is working to retain the inflation rate at around 5.5 per cent. In late January, the inflation rate was 4.40 per cent. During the six-month fiscal year, the average inflation rate is expected to hit 4.89 per cent, said Kyaw Win, Union Minister for Planning and Finance.