The economic advisor to UMFCCI suggested a four-point remedy for reviving the ailing economy

Dr U Myint, an economic adviser to the Union of Myanmar Federation of Chambers of Commerce and Industry suggested a four-point remedy for reviving the ailing economy at the UMFCCI Convention 2017 on Sunday.  

In his opening speech, Dr U Myint, who served as the presidential economic adviser, said: “Myanmar is not in a position to keep pace with Laos during the remaining term of the current government. In 2000, Myanmar’s per capita GDP stood at US$193.20. In 2010, it was ranked at 9th position with US$987.70, overtaking Cambodia. Until 2015-2016 fiscal year (in the time of Thein Sein administration), Myanmar could retain its status. Firstly, Myanmar needs to keep pace with Laos in order to keep abreast with its neighbours, Vietnam, the Philippines, Indonesia, Thailand and Malaysia. 

“According to the estimation of IMF, Myanmar’s per capita GDP is expected to hit US$1,823 in the 2020-2021 fiscal year. Myanmar finds it difficult to keep pace with Laos as this amount is lower than Laos’s per capita GDP of US$2,149 recorded in 2015, and per capita GDP will continue to rise from 2016-2017 to 2020-2021. 

“We need to think about the current situation in the economic world. Most importantly, we need to analysis the current status of the people in the real world. We may know the real situations by seeing buyers and sellers in markets have to struggle for family survival. To sum up, I think our country’s economy is flagging,” he said. 

Dr U Myint  added that Myanmar need to rely on State Counsellor Daw Aung San Suu Kyi to revive the stagnant economy.

“I submitted the four-point suggestion to the State Counsellor,” he said. 

“The first point is to clearly announce the fact that the government has designated the economy sector as a top priority, along with the peace-making effort.

(Eleven Media Group: http://elevenmyanmar.com/business/12724 )

​