3 July 2025
Myanmar’s GDP is projected to grow by more than $5 billion this fiscal year compared to the previous year. However, the World Bank has estimated a 2.5 percent contraction in the Myanmar economy based on incomplete data. This information was shared by Senior General Min Aung Hlaing, Chairman of the State Administrative Council (SAC), during a coordination meeting focused on the country’s economic development on July 2.
The country’s economy is typically measured by its GDP. For the fiscal year 2024-2025, Myanmar’s GDP is expected to reach $76.4 billion, with a further increase to $81.6 billion anticipated for the fiscal year 2025-2026. The SAC Chairman mentioned a goal of increasing GDP by approximately $5.2 billion.
Despite these projections, the World Bank’s estimate of a 2.5 percent economic decline has drawn criticism for being inaccurate and based on incomplete information. Regardless of external expectations of GDP decline, he believes that with the efforts of the people, the country’s GDP can increase. Given that Myanmar’s GDP is relatively low compared to other ASEAN and neighboring countries, he stressed the need to enhance the manufacturing sector to boost GDP further.
The World Bank has indicated that our country’s GDP may decline due to ongoing conflicts that have disrupted production and hindered business operations, as well as the economic impact of the Mandalay earthquake. In response to the earthquake, we are implementing measures that include providing low-interest investment funds to help businesses recover swiftly.
We are committed to revitalizing the affected economy, promoting the growth of manufacturing industries, and supporting individuals who wish to contribute to the country’s economic development. By taking these steps, we believe that the overall economy of the country will improve, according to the SAC Chairman.
The Myanmar Economic Monitoring Report, released by the World Bank on June 12, estimated that the direct damage to physical infrastructure from the Mandalay earthquake could reach $11 billion, which represents approximately 14 percent of Myanmar’s GDP. Additionally, the report predicts that the aftermath of the earthquake will result in a GDP reduction of about 2.5 percent for the 2025-2026 fiscal year.
#Myanmar GDP #World Bank #fiscal year #mtnews update
