There is an Asian country that doesn't have an active stock market or even a credit rating. Yet its economy may grow by 10 percent this year. Meet Myanmar, an unlikely growth star.
The frenetic growth in the country formerly known as Burma is in stark contrast to many large emerging market countries that are struggling to muster any economic growth, having been hobbled by the largest capital outflows in nearly three decades,
In an interview with CNBC, Aung Tun Thet, economic adviser to Myanmar's President, said gross domestic product may grow by 10 percent in the financial year through March as Myanmar revamps its infrastructure and tourist inflows pick up. The Asian Development Bank estimates that the economy grew by 7.7% in calendar 2014.
Foreign direct investments are likely to climb 25 percent from a year earlier to $10 billion, Thet said, giving a much-needed boost to the economy that remains one of the poorest countries in the region.
"We see investors coming in, not just in traditional sectors such as infrastructure but also hospitality and knowledge-based industries. We see many possibilities in the tourism sector," he said.