Asia's latest frontier market, Myanmar, is poised for huge economic growth in the years ahead, according to a new study by the McKinsey Global Institute (MGI), that forecasts its economy could quadruple to about $200 billion in 2030 from $45 billion in 2010.
Currently, the country's gross domestic product (GDP) is just 0.2 percent of Asia's GDP – or about the size of cities such as Delhi and Johannesburg.
"For much of the 20th century, Myanmar largely missed out on the spectacular growth seen across most of the global economy and most recently in its Asian peers. It now has the potential to be one of the fastest-growing economies in emerging Asia," said Richard Dobbs, a director of McKinsey & Company and MGI.
The resource rich Southeast Asian nation, which embarked on political and economic reform only in 2011, has since seen a lot of interest from investors looking for growth.
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Foreign investment into the country was almost 5 times higher in the fiscal year that ended in March 2013 compared to the previous year, Reuters reported.
Going forward Myanmar's growth will be driven by a few sectors that include energy and mining, agriculture, manufacturing and infrastructure – together they account for over 85 percent of the country's total economic potential, according to the report.