TODAY

The economy of Myanmar declined around 30 per cent in 2015 due to destructive natural disasters, political transition, China’s economic slowdown and the general global economic downturn, Dr Myo Thant, the vice president of the Union of Myanmar Fedration of Chambers of Commerce and Industry (UMFCCI), said at the general annual meeting of the Myanmar Retailers Association.

The government expected fiscal growth to stand at around 9.2 per cent according to the project and 8.3 per cent according to expert, while the world Bank predicted the growth at only 6.5 per cent.

The exchange rate of foreign currency depreciated about 25 per cent, with the American dollar. The political transition and the recent outbreaks of natural disaster caused the commodity prices to go up, resulting in high inflation.

The country’s real estate market saw a record high in 2014. Over 4,000 apartment buildings are expected to be finished in 2016 despite some sluggishness in the construction businesses.

Currently, the real estate market is relatively cold in Yangon as most apartments are bought for commercial purpose rather than for personal living. The market is expected to grow again when the condominium law come into effect, Dr Myo Thant said.

Ref: The Global New Light of Myanmar (1st april 2016)