Amid a slowing economy and complaints from the business community, Myanmar’s parliament has approved a National Planning Law for the 2018-2019 FY which expects to see the highest growth rate in the country’s telecommunications, industrial and financial sectors. President U Win Myint signed the bill with the approval of the Union Parliament and it is to be effective from October 1 this year to September 30, 2019.

According to the National Planning Law, the government expects to increase the growth of GDP from 6.8 percent to 7.6 percent, while the telecommunications sector is projected to grow by 15 percent, the industrial sector by 11.2 percent and the financial sector by 9 percent in the coming fiscal year.

The law states that the government will make efforts to improve the trade sector by 7.7 percent, the mineral sector by 7.5 percent and the social management sector by 7.3 percent. Meanwhile, a growth of only 4 percent is expected in the fisheries sector, 2.9 percent in the energy and electricity sector, 2.4 percent in agriculture and 1.1 percent in the forestry sector. The government projects that the highest growth rates will take place in Yangon Region, Naypyitaw Union Territory, and Kachin State with rates of 9.8 percent, 9.6 percent and 9.3 percent respectively.

Source: The Irrawaddy

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