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How agritech solutions are shaping Myanmar’s digital economy

Agritech solutions are at the forefront of Myanmar’s emerging digital economy Apps such as Green Way & Htwet Toe are helping to solve productivity issues in the agriculture sector, where 65% of the Myanmar population works Just five years ago, owning a smartphone in Myanmar would have been an outrageous extravagance, and even then there […]

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 […]

Companies to receive COVID-19 loans, but discrepancies hamper number of approvals

The government has approved COVID-19 loans for 88 businesses at an interest rate of 1 percent, according to the Union of Myanmar Chamber of Commerce and Industry (UMFCCI). But the UMFCCI received more than 1600 applications for the loan on the April 9 deadline. According to U Naung Naung Han, chair of the Myanmar Tourism […]

Myanmar must be prepared to deal with economic fallout from spread of COVID-19

Although Myanmar has not officially detected any COVID-19 carriers, the virus has wreaked havoc on the economy and could lead to full-blown economic crisis if not contained soon. The tourism sector has suffered from a stampede of cancellations beginning in China. Now, most tourists from all other countries have decided to stay at home. The […]

Growth potential in agriculture restricted by quality, other issues

In Myanmar, agriculture contributes to a third of the country’s GDP, a quarter of its exports and creates the bulk of job opportunities. Yet, the sector’s true potential remains restricted by poor access to finance and technology, limited infrastructure, complex land tenure and quality issues as well as weak supply chains. Nevertheless, demand for products […]

A deep dive into growth projections

Despite rising costs, teething problems as a result of economic reforms and a slower flow of foreign capital into the country, government officials and institutions like the World Bank and International Monetary Fund have issued lofty growth forecasts for Myanmar in the year ahead. Among the most bullish of these institutions is the ASEAN+3 Macroeconomic […]

Prudential receives licence to operate in Myanmar

(L-R) Lilian Ng, chief executive, insurance, Prudential Corporation Asia, U Soe Win, Union Minister, Myanmar’s Ministry of Planning and Finance, and Tim Lau, chairman of the board, Prudential Myanmar Life Insurance Prudential Corporation Asia has received a life insurance licence from the Ministry of Planning and Finance (MoPF) of Myanmar, the insurer has announced in […]

More has to be done to formalise business sector in Kachin: officials

There are only 19 large companies and just 1707 registered small and medium-sized businesses in Kachin State observing the stipulations of the Myanmar Investment Law 2016 , a government official said. Permanent Secretary of the Ministry of Investment and Foreign Economic Relations U Aung Naing Oo revealed this during Kachin Economic Forum held in Myitkyina, […]

As remittance market reaches saturation, mobile money keeps growing

If the mobile money market were a football match, then the second half has just begun. As the undisputed market leader, Wave Money is already a few goals ahead. It reports having almost 50,000 agents and more than 11 million customers, who remitted US$2.8 billion between January and September of this year. By the end […]

Yangon Hotel Rates Remain a Bargain

YANGON, 8 November 2019: Yangon will close 2019 with at least 400 new rooms in the city’s highly competitive upper-scale hotel segment, according to the latest Colliers International Myanmar report. That pushes the room total from 5,300 in the four and five-star categories at the close of the second quarter of this year to 5,700 […]