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