According to the first edition of the Myanmar Economic Monitor (MEM) reports, there is also an indication that the outlook in the short to medium term remains positive although there are risks, both on the domestic as well as external fronts. It also reports that inflation has been on the rise in recent months, reaching 7.3 percent in August, on account of increasing food costs and housing rental costs.
The MEM further observes that in recent months the nominal and real effective exchange rates have been depreciating which helps to make Myanmar's exports more competitive. However, these indicators appear to have started appreciating in August, which could erode Myanmar's export competitiveness.
"We believe by periodically bringing most recent economic data and analysis on development issues to government policy makers, think- tanks, civil society and citizens, the World Bank can contribute to informed debates and decision making on development policy within a rapidly changing Myanmar," said Kanthan Shankar, World Bank Country Manager for Myanmar.
The World Bank's Myanmar Economic Monitor looks at recent macroeconomic developments, recently implemented and planned policy reforms, and includes a special feature article. In this first edition, the special feature section presents a summary of the findings from the Public Expenditure and Financial Accountability assessment (PEFA) of Myanmar that was completed earlier this year.
The World Bank plans to produce the MEM every six months. Its timing will coincide with the bi-annual East Asia and Pacific (EAP) update also produced by the Bank which started featuring Myanmar last year. The second EAP update for 2013 was recently launched in Singapore by Bert Hofman, the World Bank's regional Chief Economist.
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