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IMF Sees Economic Revival in Myanmar
IMF Sees Economic Revival in Myanmar

IMF Sees Economic Revival in Myanmar

IMF Sees Economic Revival in Myanmar

The International Monetary Fund on Friday forecast an economic rebound in Myanmar this year, but said the Rohingya refugee crisis may dampen investment as the country faces international pressure over its treatment of the Muslim minority, Reuters reported. More than 600,000 Rohingya have fled to Bangladesh since late August, driven out by a military counter-insurgency clearance operation in Buddhist-majority Myanmar’s Rakhine State. While there is no sign of a major, direct economic impact, the crisis has dented hopes of a western investment boom as European and US companies are wary of the reputational risks of investing. Last month, the World Bank froze $200 million in budget funding for Myanmar over the crisis. “The internal conflict and humanitarian crisis in northern Rakhine State could affect development finance and investor sentiment, although direct economic impact appears to have been largely localized,” the IMF’s Myanmar mission chief, Shanaka Peiris, told reporters in the commercial capital of Yangon. “Myanmar’s economy is rebounding and macroeconomic imbalances are stabilizing. Growth is expected to rebound to 6.7%,” he said.

 

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