Amid criticism of the government from the business community over sluggish growth and a lack of economic direction, Mr. Sean Turnell, the economic adviser to Myanmar State Counselor Daw Aung San Suu Kyi, addressed about Myanmar economy in “Myanmar’s Economy 2018: progress, problems, possibilities” seminar.

According to him, the main problems include bureaucratic sclerosis across government departments, the current account deficit, and structural problems in the banking system, weak infrastructure, the crisis in Rakhine State and global economic uncertainty due to the U.S.-China trade war.

As for economic progress, he highlighted that most macroeconomic indicators are stable and headed in the right direction, citing examples such as continued annual gross domestic product (GDP) growth, the inclusion of more people in the financial system, a stable inflation rate and decreased reliance on the practice of printing money to pay down budget deficits.

Although UMFCCI short-term business sentiment survey highlighted a decline in business confidence, Turnell pointed that the Myanmar Sustainable Development Plan (MSDP) is on the way, which will give the economy a fiscal boost and liberalize key sectors, particularly the financial sector, to stimulate economic growth. As another example of NLD government’s economic achievements, he cited the fact that the renewal of the China-backed Kyauk Phyu project agreement had not resulted in Myanmar owing a single dollar to China.

Source: Irrawaddy

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