IMF raises Myanmar forecasts to 7.7%, praises reforms

Myanmar is set to grow 7.5% during the current fiscal year, and about 7.7% in the next, according to the International Monetary Fund (IMF), as services and manufacturing expand in one of Southeast Asia's fastest-growing economies.

The IMF last predicted Myanmar would grow just under 7% this year. But the Fund warned about the outlook for inflation, which should exceed 6% in the fiscal year that ends in March.

Myanmar, a former pariah state in Southeast Asia, has launched a series of economic and political reforms under its quasi-civilian government, which came to power in 2011 after nearly half a century of military rule. The government has aimed to attract foreign investment, create jobs and boost infrastructure.

The IMF, which had a staff-monitored program for Myanmar last year, said officials had achieved all the goals they set, such as liberalizing the foreign exchange market and building up the central bank's reserves.