Myanmar economy expanded during NLD govt’s term: minister

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Myanmar saw a total of US$25 billion in foreign investment capital entering the economy during the National League for Democracy government’s term, said Minister of Investment and Foreign Economic Relations U Thaung Tun.

He said the NLD government’s approach to social and economic reform is embodied in the Myanmar Sustainable Development Plan announced in 2018. He added that raising the level of foreign direct investments (FDI) was the government’s first priority before COVID-19 struck, and this has been “a great success.”

Myanmar approved US$5.7 billion worth of FDI during fiscal 2019-20, creating over 100,000 jobs for the locals. “The country saw a more comprehensive and structural transition to manufacturing within the industrial sector, and that has created many jobs,” he said.
The industrial sector now contributes to 39 percent of Myanmar’s GDP, compared to just over 30pc ten years ago. The country’s economy expanded by four times during that period, backed by better talent and productivity.

As the number of jobs created rose, gross national income (GNI) increased and individual income rose as well. Job growth remains at around 13pc annually and over 24 million jobs were created during the period, U Thaung Tun said.

As a result of increasing wealth and reduced economic fragility in the recent decade, Myanmar also managed to escape the UN’s Least-Developed Country list this
year, he added.

Source : Myanmar Times

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