Junta leader says Myanmar’s economy growth increases by 8 %

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Yangon, Jaunary (11)

Military leader General Min Aung Hlaing said that the country’s economy has improved by almost 8 percent after the speeding up of domestic businesses and the control of COVID-19 under the administration of the military council.

When the military council assumed national responsibilities, the country experienced a negative 5.9 percent economic decline as a result of the previous government’s economic decline, the outbreak of the Covid-19, and the effects of the global economic downturn, said the junta leader while meeting with regional and state chief ministers on January 6.

According to the military leader, the state economy recovered 2.4 % in the first six months of the fiscal year 2021–22 and 3.4% in the second half.

The country’s economy has grown as a result of the military council’s promotion of local businesses and utilization of water and land resources, agriculture, fishery and livestock sectors, forestry, and human resource sectors, he said.

An economist pointed out that there may be growth in the oil export industry during the political transition, but there is a decline in the public sector.

According to a report by a research group, Myanmar’s political instability is caused by the increase in the price of basic goods and fuel, the lack of job opportunities, the suspension of business operations, and the instability of the domestic banking system and foreign exchange rates.

According to the World Bank’s June 2022 report, forecasts for Myanmar are excluded due to the high level of uncertainty.

The military council, on the other hand, has not even been able to provide the electricity required for businesses and daily life.

A businessman told The Than Lwin Times that he is struggling to keep his business running due to political unrest and frequent power outages.

Border trade has been frequently disrupted, and the flow of goods has been nearly halved as a result of the fighting following the military coup and the restrictions imposed by the COVID-19 outbreak.

According to ISP-Myanmar, a research group, the trade value for exports and imports decreased by nearly 14 billion US dollars during the 2021–2022 mini-budget period compared to the fiscal year 2020–2021.

News-Than Lwin Times

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