The Myanmar government is expecting a 6 percent rate of growth in fiscal 20-2021, according to the budget statement released by the Ministry of Planning, Finance and Industry.

Photo: Nyan Zay Htet

The ministry has set growth targets of 2.6pc in the farming sector, 6.5pc in the industrial sector, and 7.4pc in the services sector for the year.

The government stated that profitable crops which conform to the country's climate, new farming methods, plans to reduce crop wastage during the monsoon floods, exploration of oil and gas, and other work plans are expected to offset losses made in manufacturing and by micro, small and medium enterprises in the country.

Economists said focusing on sectors like agriculture to generate growth is a good strategy. Myanmar's garment sector has been hit hard by the prolonged outbreak of COVID-19, which has left thousands of workers unemployed. So, the government should consider prioritising the agricultural sector, said economist U Min Khin.

"According to the current economic index, we can say the country saw some growth in its economy last year, but this was then affected by the outbreak of COVID-19. So, the government should prioritise the resumption of businesses in the country," he said.

U Maung Maung Lay, vice chair of the Union of Myanmar Federation of Chamber of Commerce and Industries, said “profitable crops should be grown and their costs kept low. We should create markets for the sellers, and we also need to produce value-added products,” he said.

He added that more focus should be channeled to sectors like fisheries. “Currently, the marine industry has begun to enjoy growth. So, we need to expand into new export markets. The government should cooperate with other organisations in that move,” he said.

By PA PA