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COVID-19 stalls Myanmar product-label law enforcement

Authorities are struggling to enforce the use of Myanmar language on the labels of all products on the local market due to the COVID-19 pandemic, a senior Consumer Affairs official said. U Zayar Swe, deputy director of the Consumer Affairs Department, said his agency has yet to conduct any inspections of manufactures for compliance with […]

Limited relief for microfinance borrowers as the clock ticks on debt payments

Myanmar’s five million microfinance borrowers will resume repayments on May 15, but many are now jobless or on reduced incomes because of COVID-19 and the health of the US$1.3 billion sector is unclear. By HEIN THAR | FRONTIER Ko Zaw Zaw Aung, general manager at the Kyauk Sein footwear factory in Yangon’s South Dagon Industrial […]

Myanmar economy still forecast to grow despite global recession: IMF

Myanmar is among just 10 percent of the globe projected by the International Monetary Fund to post economic growth this year. The rest of the world is expected to slip into recession. The forecast comes despite the spread of COVID-19 in Myanmar, which has already resulted in the closing of its borders, worsening conflict in […]

China’s coronavirus hits Myanmar economy

China’s coronavirus epidemic is hitting Myanmar’s important manufacturing and tourism industries as well as disrupting border trade, but in the longer term the crisis could encourage more supply chain factories to relocate from its giant neighbour. “We have lost all our customers,” said Ma Khin Khin Win, director of tourist agency Myanmar YoYo Travels and […]

Coronavirus Hits Myanmar’s Travel Agents

Yangon – Myanmar’s travel agents have been further hit by the Ministry of Hotels and Tourism’s suspension of visas-on-arrival for Chinese tourists and demands that tour operators cancel Chinese trips to stop the spread of the coronavirus. The ministry canceled visas-on-arrival for Chinese visitors on Saturday and on Monday instructed tour operators to suspend all […]

FDI to drive Myanmar’s growth, but political risks remain

Myanmar’s economy could grow at 6.6 per cent annually until 2030, thanks to solid investment gains, improved productivity and favourable demographics, even as weak business conditions and political risks threaten to dampen investment inflows, Oxford Economics said in a report. “We expect capital deepening to continue supporting growth, with investment to increase at a healthy […]

Kachin to focus on three sectors to boost economy

Kachin State officials will set a policy to prioritise three sectors for sustainable economic development in the state, business officials have revealed to The Myanmar Times. U Hkyet Hting Nan, chair of the Kachin Entrepreneurs Association (KEA) said agriculture and livestock, hotels and eco-tourism, and natural resources and finished products will be the focus of […]

KBZPay to expand cashless service offering

KBZPay is expecting its users to rise by 42 percent to 5 million by the end of the year and for that number to expand sixfold to 30 million by 2028 with options to go cashless in various areas of the economy to come onstream, said U Soe Ko Ko, head of agent banking at […]

Myanmar needs to address structural transformation of the economy: WB

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 […]

Myanmar looks to legalize its informal economy

Myanmar aims to mobilize funds hidden in its vast informal economy through a tax amnesty, a controversial bid to galvanize new investment and business activity in the nation’s stalling economy. The “reduced tax rates for undeclared income” scheme, part of the recently approved Union Tax Law, entered into force this month, slashing prevailing 15-30% tax […]