Myanmar’s economy could rise to $200 billion by 2030 if genuine reforms implemented

Myanmar could likely improve and increase the value of its economy four times to US$200 billion by 2030 if it continuously work on various reforms, hold on to the latest technologies and to move away from agriculture, said news report from AFP.

Consultants at the McKinsey Global Institute disclosed that Myanmar could possibly generate 10 million jobs and ease the poverty of 18 million people.

Risk, frustrations and disappointments are part of the implementation of political and economic reforms but the government must continuously work hard to enforce it to achieve major reforms.

The Gross Domestic Product (GDP) of Myanmar with an average of 4.7 % a year from 1990 to 2010 could likely increase at an average annual rate of 8% till year 2030.

McKinsey added that the high presence of manufacture companies which could possibly create 10 million jobs will lift the standard of living of the people because of higher compensation in comparison to farming.

For the manufacturing sector, it can increase US$70 billion to GDP by year 2030 that is seven times increase on today as compared to the agricultural sector which will only sum up to US$21.2 billion.

Other sectors that could help improve the country’s economy if managed properly would be the tourism sectors, infrastructure projects, mining and energy as well as the telecommunication sector if the government will invest US$320 billion to build power plants and modern transport networks.

However, the development of the country is dependent on the implemented reforms by the government and its capability to draw long term investment, AFP news reported.

In case the government will not be able to work effectively on its growth plan, all the hard work and efforts will vanish too easily.