Tourism drives Myanmar expansion

Company contributor TTR Weekly

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Ancient Temples in Bagan, Myanmar

Ancient Temples in Bagan, Myanmar

Myanmar’s domestic and foreign investment in hotels has exceeded USD3 billion, according to the Directorate of Investment and Company Administration.

Quoting sources in the directorate, Eleven Myanmar media reported foreign investment reached USD2.5 billion in 63 projects, while domestic investment reached USD620 million in 94 projects.

In addition, one foreign firm and 39 joint ventures invested in tourism related enterprises in the country, outside of the hotel business, the report added.

inside no 1Myanmar’s economy is expected to grow 8.4%,  this year, achieving the highest growth rate in Asia, according to the Asian Development Bank.

The ADB’s outlook 2016 report said a series of political and economic reforms that began in 2011, resulted in a strong growth, exceeding 6% gross domestic product expansion annually through to 2015.

“In July to August 2015, a cyclone and intense monsoon rains caused widespread flooding and landslides that displaced more than 1.6 million people, killed 132, and devastated a fifth of all cultivated land,” the Asian Development Outlook 2016 report stated.

The economic cost was estimated at USD1.5 billion, equal to a staggering 3% of the country’s gross domestic product (GDP).

Tourism is also a major driver of the economy with 4.7 million arrivals in 2015 with about 70% of visitors travelling overland from neighbouring countries. Spending by tourists rose by 19% to USD2.1 billion last year, the ADB said.

For ADB full report visit http://www.adb.org/news/features/whats-fastest-growing-country-asia-surprise-its-myanmar.

Source: TTR Weekly

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