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Myanmar may boom if it sticks to reforms: IMF

 

WASHINGTON -- The International Monetary Fund (IMF) said Monday that Myanmar could be Asia's next boom economy if the country sticks to its new path of political and economic reforms.

In its first-ever “Article IV” review of the economy, the IMF praised the initial moves to free up its currency in recent months and encouraged the government, politically isolated for a quarter-century, to stick to the path of reform.

“Myanmar's new government faces a historic opportunity to jump-start development and lift living standards,” the Fund said in the milestone report.

“Myanmar could become the next economic frontier in Asia if, with appropriate reforms, it can turn its rich natural resources, young labor force, and proximity to some of the most dynamic economies, to its advantage.”

But the Fund cautioned the government, now starting to enjoy a gush of foreign investment as it opens up, to take each step carefully with a focus on maintaining economic stability.

“IMF economists believe that any rapid reforms on a large scale could make any potential mistakes very costly. Although planned reforms will take time to implement, prioritization is essential to deliver tangible benefits to the majority of the population,” it said in a note accompanying the review.

“We see certainly a strong reform momentum coming out of Myanmar,” said Meral Karasulu, IMF mission chief for the country.

“Over the past two years, the progress is very tangible.”

 

 

Publish Date：The China Post

Latest Update：2012/05/09

 

Link：http://www.chinapost.com.tw/business/europe/2012/05/09/340534/Myanmar-may.htm