Mizzima-Dec 17
The junta’s Union Minister of Planning and Finance, Win Shein, said at the 33rd Annual General Meeting (AGM) of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) that the economic growth rate for the 2024-2025 financial year was targeted at 3.8 per cent. The event was held on 14 December at the National Theatre in Yangon.
“Despite challenges in certain sectors due to Typhoon Yagi, regional and territorial conditions, the GDP growth rate for the first six months (from April to September) has reached 2.4 per cent,” he said. He acknowledged the crucial role played by UMFCCI in fostering collaboration between the government and the private sector saying that the close collaboration between government and private sector would create a better economic environment through its contributions to policy-related issues and would be able to overcome all coming challenges. The Union Minister said that the country was working for adequate supplies of basic foodstuffs and consumer goods in the market. He emphasized price stability of these goods. He also stated that the junta is striving for economic development with stability in foreign exchange rates and efficient use of foreign reserves. However, the World Bank warned in its Myanmar Economic Report December 2024, “Myanmar’s GDP is expected to contract by 1 percent in the fiscal year ending March 2025, a downward revision from the previous projection of modest growth due to natural disasters, ongoing conflict and widespread shortages of basic commodities.” Issued on 11 December., the World Bank’s reported noted that agriculture, manufacturing, and services sectors are projected to contract, with production constrained by ongoing shortages of raw materials, inadequate electricity supply, and weakness in domestic demand. “The recent natural disasters and ongoing conflict have severely impacted Myanmar’s economy, with households bearing the brunt of rising prices and labor market weakness,” said Melinda Good, World Bank Country Director for Thailand and Myanmar. Read more at:
