Mizzima

Myanmar junta leader Min Aung Hlaing claims Myanmar’s economy would be higher than in previous years, speaking this week in a Myanmar New Year message.

“I firmly believe that if people strive for exporting greater products, this year’s economic development will be higher than the previous years,” he said, according to local media.

“Reopening border trade to some extent contributed to running industries and rising about plus 3 per cent for the State GDP in 2023 though Myanmar faced economic hardships in 2021,” he said in his New Year message.   

However, Min Aung Hlaing’s stated optimism conflicts with international assessments. 

The World Bank said in its latest report that the Myanmar economy would not likely to see the growth because of the government’s inconsistent rules and regulations, ongoing violence arising out of the military coup, worsening power outages and policy weaknesses.

Even though the military leader reiterated, “It is necessary to operate firm businesses as well as to encourage domestic manufacturing for booming the State economy. The government is encouraging MSME businesses.”

On the other hand, in reality, these MSME businesses are facing a lot of difficulties to continue running their businesses due to electricity shortages, rising costs of raw materials, fuel and general expenses which are soaring sharply.

During the past two years after the military coup, Myanmar economy declined sharply because of conflicts in the country and also the report issued by the World Bank on 31 March says, “GDP is projected to grow by a modest 3 percent in the year ending September 2023.”