Myanmar estimated GDP for the current fiscal year of 2019 – 2020 will be slightly reduced

The estimated GDP for the current fiscal year of 2019-20 will be slightly reduced, said U Maung Maung Win, Deputy Minister for Planning, Finance and Industry.

"Based on initial estimates, Myanmar's GDP, which is the value of all finished goods and services produced for the year, has been revised to K118.9 trillion from over K119 trillion before, given the decline in the world economy and oil prices as a result of COVID-19," he told the Hluttaw while submitting the Supplementary Budget bill on May 18.

As a result, Myanmar's fiscal deficit to GDP ratio will be decreased to 5.5 percent from 5.7pc. Tax revenues expected over the next four months of the current fiscal year is expected to total K506 billion, resulting in tax to GDP of 7.1pc from 6.7pc.

A supplementary budget totaling K2660.9 billion was requested at parliament and if approved as proposed, will take the country's spending to more than K27,227 billion. That could take the fiscal deficit to more than K6755 billion. - Translated

(The Myanmar Times: https://www.mmtimes.com/news/myanmar-gdp-estimate-be-slightly-reduced.html )

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