Myanmar needs to address structural transformation of the economy: WB

Description: 

"Key takeaways from the latest (Oct 2019) World Bank ‘Asia Pacific Economic Update – Weathering Growing Risks’ pertain to using policy spaces available for the countries in order to boost and sustain growth; to continue trade openness, including through deeper regional integration (within ASEAN and R-CEP and other bilateral arrangements) and enact structural reforms to raise productivity, enhance trade and investment and encourage innovation. Myanmar requires all these policy prescriptions. It is up to the policy makers in addressing the challenges of growth that is inclusive and provides dividends to all sections of people. Given that Myanmar has more fiscal space in terms of manageable debt and budget deficit, the need to expansionary cycle of public spending would be a logical policy route that can enhance the human resources as well as welfare of people. Equitable regional growth strategies, increased public spending on social sectors, and improvements in critical infrastructure (rural connectivity) can be the focus areas which can sustain the overall growth of the economy. A recently released public opinion survey by the International Republican Institute has also shown results in terms of overall satisfaction of the public on the direction of increased spending on rural infrastructure and social sectors. The biggest challenge for Myanmar is execution of projects and programmes at the ground level as the Bank repeatedly highlights as an issue to be addressed in order to improve the performance of the government. This in fact is the litmus test for reposing public confidence on the government..."

Creator/author: 

Upendranadh Choragudi

Source/publisher: 

"Mizzima" (Myanmar)

Date of Publication: 

2019-10-15

Date of entry: 

2019-10-15

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Resource Type: 

text

Text quality: 

    • Good