IMF praises Myanmar, sees growth at 7.5 percent

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Associated Press

Posted on January 22, 2014 at 1:03 AM

Updated Wednesday, Jan 22 at 3:03 AM

YANGON, Myanmar (AP) — The International Monetary Fund says Myanmar's economy is on pace to grow 7.5 percent this fiscal year and praised its government for working to liberalize the foreign exchange market and boost central bank reserves.

It warned, however, that inflation is expected to surpass 6 percent by March, when the current fiscal year ends, and could continue to rise.

Myanmar had one of Asia's strongest economies in the 1950s, but plunged into decline after a coup in 1962 instituted military rule with a socialist bent.

It's now trying to lure foreign investment, create jobs and improve infrastructure.

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