YANGON, May 17 (Xinhua) -- Myanmar's economy improved in the fiscal year 2017-18, which ended in March, said a report of the World Bank's Myanmar Economic Monitor released Thursday.
Myanmar's growth of gross domestic product (GDP) was estimated to have increased to 6.4 percent from 5.9 percent in the previous fiscal year 2016-17, according to the report.
The growth was driven by recovery in agriculture, improved manufacturing performance and strong services growth despite a slight slowdown likely due to tourism and banking sector uncertainties, the report said.
"The pick-up in growth and improvement in the marcro-economic situation are encouraging," said Ellen Goldstein, World Bank's country director for Myanmar, Cambodia and Laos.
The Myanmar government is finalizing its sustainable development plan which serves as a platform to accelerate economic reform, modernize the financial sector and make progress in resolving conflicts that jeopardize inclusive and sustained growth, Goldstein added.
The report expected that Myanmar's GDP growth will increase to 6.7 percent in the present fiscal year 2018-19, with inflation moderating to 5.5 percent in 2017-18 from 7 percent in 2016-17 and to ease further to 4.9 percent in 2018-19.