Mandalay Region Chamber of Commerce and Industry (MRCCI) Chair U Kyaw Min said, “It’s good that we have the funds organised by the regional government with around K 2.5 billion was received. The region is better off because of the emergency funds and there is also a plan to organise a team to address issues faced by every strata of society during the pandemic.”

“There have been some 400 applications for COVID-19 loans that prioritise tourism businesses and SMEs in Mandalay. However, right now, Mandalay’s real estate market is at a standstill,” said Myanmar Real Property Development Association (MRPDA) Chair U Tin Maung.

“The jade market was not in good shape even before the coronavirus crisis and it is worse now,” said Mandalay-based jade trader Ko Soe Kyaw. He added that although a jade and precious gems sales event had been scheduled for May, it is not possible for it to go on now.

Similar to the jade market, car sales don’t appear to have a great future ahead either. Veteran car dealer U Win Myint Oo said, “Business has been not good and nearly stopped. People in need of money are lowering the asking prices for the cars they are selling,” he said.

As the government and trade federations are cooperating to stabilise the prices of basic goods like rice, cooking oil and salt, there have been no price fluctuations for these products.

However, unexpected challenges may await even after the pandemic fades and no one knows exactly what the country’s economic landscape will look like.

“Local businesses might be able to emerge leaner and more efficient to find new opportunities to tap after the crisis, but the government’s new economic strategies need to attract people to do business again,” said Mandalay Industrial Zone Management Committee Secretary U Ye Win Aung.

“Without government support, it would be pretty difficult to survive the post-pandemic economy. As many businesses are connected, not only one sector but every sector needs to be in good shape. For that, only the government’s economic strategies can help as most local businesses will have a hard time helping themselves and it is hard for them to recover,” U Ye Win Aung said. – Translated

Source: https://www.mmtimes.com/news/hard-times-ahead-mandalay-economy-due-virus-observers-say.html