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Tourism Industry to Grow Rapidly in 2016

May 20 – A recent news report from Oxford Business Group (OBG) claims that Myanmar’s tourism industry is on the path to grow quickly. Tourism is expected to aid in the creation of jobs for citizens living in a poverty-stricken society. The government has previously identified the country’s tourism industry as one of the economic pillars that will give support to various economic reform processes under the NLD-led administration.

The rise in brand awareness together with investments in infrastructure will be a driving force for development of Myanmar’s tourism industry this year and subsequent years, said OBG, an economic research and consultancy group.

The Ministry of Hotels and Tourism in late March forecast to witness six million tourists coming into the country during this year of 2016, 25% higher than the previous year which experienced a total of 4.68 million visitors entering the country.

As Myanmar tries to gain significant political and economic stability under the new government, observers are convinced to see stronger growth of inbound tourists in 2016. The Asian Development Bank (ADB) in its latest account on Myanmar also reported that tourism had been taking the lead in driving the country’s economy.

According to the ADB, Myanmar earned additional 19% in tourism revenues as a consequence of increased entering tourists in 2015, grossing a sum of $2.1 billion, more than 4% of GDP.

For the development of tourism sector, a Myanmar Tourism Master Plan was created since 2013. Home to a large variety of diverse ethnic nationalities, Myanmar is blessed with many tourist spots and attractions which altogether form a combined factor that underpins the nation to present itself as a major tourist destination.