Myan­mar’s econ­omy slug­gish dur­ing first 6 months of new govern­ment

The Myanmar Times - - Business - THIT NAY MOE news­room@mm­times.com

BUSI­NESS lead­ers have wel­comed a frank ad­mis­sion from State Coun­sel­lor Daw Aung San Suu Kyi and her se­nior min­is­ters that Myan­mar’s econ­omy has grown slowly dur­ing the first six months of her govern­ment.

At a meet­ing with busi­ness ex­ec­u­tives and de­vel­op­ment part­ners in Nay Pyi Taw on Oc­to­ber 22, the state coun­sel­lor said there had been less eco­nomic ac­tiv­ity than ex­pected in the new govern­ment’s first­six months.

“We openly ad­mit that the econ­omy has not de­vel­oped as rapidly as we’d ex­pected,” she said, adding that the govern­ment ac­cepted the crit­i­cisms and was try­ing to speed up growth.

“The govern­ment wants to see eco­nomic growth,” she said.

Plan­ning Min­is­ter U Kyaw Win told par­tic­i­pants that the slow pace of growth dur­ing the first six months of the new govern­ment was caused by the chal­lenges of the tran­si­tion.

“We’ve had to re­struc­ture com­mis­sions and com­mit­tees in real time. More im­por­tant, we had to up­grade ex­ist­ing rules and reg­u­la­tions,” he said.

FMI chair U Thein Wai ac­knowl­edged the slower-than-ex­pected start of the year, but said the fu­ture was still bright as re­forms were tak­ing place.

“The govern­ment still has plenty of time for fu­ture ef­forts. If they are frank about their weak­nesses, we can all help them rem­edy them,” he said.

U Sein Maung, chair of First Pri­vate Bank, agreed that the tran­si­tional pe­riod was one of the fac­tors in slow­ing growth.

Daw Aung San Suu Kyi warned busi­ness peo­ple to pri­ori­tise the in­ter­ests of

‘We openly ad­mit that the econ­omy has not de­vel­oped as rapidly as we’d ex­pected.’

Daw Aung San Suu Kyi State coun­sel­lor

the coun­try in seiz­ing the op­por­tu­ni­ties cre­ated by the rais­ing of United States sanc­tions.

“Bear in mind the sake of the peo­ple,” she ad­vised, adding that the world was watch­ing.

The World Bank said ear­lier this month that Myan­mar’s eco­nomic growth was 7.8 per­cent.

– Trans­la­tion by Thiri Min Htun

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