Although economic growth for Myanmar is forecast to slow to 1.5 percent in 2020 due to the COVID-19 pandemic, this could rebound to 6pc by 2021, according to the World Bank’s Global Economic Prospects 2020 report released on June 8. The economy grew 6.3pc in 2019. The slowdown is a result of domestic shutdowns, reduced […]
Read MoreLosses on electricity subsidies in Myanmar are likely to have declined to just about a third of levels seen before tariffs were raised in July 2019, U Tin Maung Oo, permanent secretary of the Ministry of Electricity and Energy, told journalists at the government’s fourth year performance review in Nay Pyi Taw on June 8. […]
Read MoreAsean, including Myanmar, will work together to restore economic growth in the region by enhancing regional trade and economic cooperation. This will include efforts to address trade barriers, promote trade and investment, and expand fields of cooperation, according to a statement released by the trade bloc to mitigate the economic impact of COVID-19, issued last […]
Read MoreNearly one third of companies in Myanmar have temporarily closed because of the coronavirus lockdown and the vast majority of those still operating have reported lower turnover, according to the Asia Foundation. A nationwide poll of 750 local businesses – the largest survey so far of the impact of the pandemic – covered the two […]
Read MoreSugarcane production in Myanmar is expected to decline to its lowest levels in seven years in fiscal 2020-21 as a result of poor demand, said U Win Htay, vice chair of the Myanmar Sugar and Sugarcane Product Entrepreneur Association “Demand for sugar is too low now and traders are rushing to sell what’s left in […]
Read MoreThree Asean heavyweights – Malaysia, Indonesia and the Philippines – have offered to buy rice produced in Myanmar, U Khin Maung Lwin, deputy secretary of the Ministry of Commerce, told The Myanmar Times. The Philippines and Malaysia have offered to purchase 300,000 tonnes and 50,000 tonnes of rice from Myanmar, respectively, while Indonesia has yet to […]
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