The GDP is expected to hit 8.9 per cent in Yangon for the 2019-20 fiscal year, said Myint Thaung, Yangon Region Minister for Planning and Finance, at the regular session of Yangon Region Parliament on September 18. 

The minister submitted the regional project bill for 2019-2020 FY.

The region’s GDP contribution to the total GDP aims to hit 25.4 per cent, he added. 

The budgeted expenditures are expected to hit Ks568.9 billion. For 2019-20 FY, the budgeted GDP (year-on-year price) is set at Ks 31041.4 billion and  the budgeted GDP (the current price), at Ks24209.7 billion. 

In addition to 80 projects based on Yangon Project Bank for Yangon Region Development, other projects proposed by seven Yangon Region Socio-Economic Development Project Committees are added. There are 149 projects in total, he continued. 

The National Planning Bill 2019-2020 was approved by Union Parliament on September 10. The Yangon Region Planning Bill (2019-20 FY) which is the part of the Union Project is submitted. 

The ministry sought the approval of the Yangon Region Court and the  regional government for the region planning bill for 2019-20 FY, he continued. 

As a distinct point this year, the ministry sought the approval of the Yangon Region Planning Commission on July 16, before forwarding it to the parliament.