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Myanmar Unveils $70-Million Stimulus Package to Ease Economic Blow From Virus

YANGON—The Myanmar government has announced an initial stimulus package to cushion the impact of COVID-19 on the country’s economy, including 100 billion kyats (nearly US$70 million) worth of loans, eased deadlines for tax payments, and tax exemptions for Myanmar-owned businesses that have been hit by the global pandemic. In the announcement on Wednesday the government […]

Telecom sector fuels Myanmar’s economy

Telecoms-related sectors contributed up to three-quarters of economic growth in countries like Myanmar, Thailand, Malaysia, Pakistan and Bangladesh, a Telenor-commissioned report by London-based consultancy Frontier Economics found. With the telecom industry growing at 6-12 percent annually, faster than the GDP growth rates of many Asian developing economies, the industry is a “prime contributor” to economic […]

Myanmar economy to grow by 6.6% in 2020: world bank

The Myanmar economy is projected to grow by 6.6 percent in 2020, according to the World Bank, a tad higher than its 6.5pc projection for this year. Economic growth is expected to further increase to 6.7pc in 2021 and 6.8pc in 2022. According to the annual World Bank East Asia and Pacific Economic Update, growth […]

Customs issues impact Singapore Myanmar Investco third quarter results

MYANMAR. Singapore Myanmar Investco Limited (SMI) has reported a 16.6% year-on-year decrease in revenue in the third quarter, to US$5.5 million. The company, which manages duty free and food & beverage outlets at Yangon Airport’s international terminal, attributed the decline to reduced retail sales as a result of Myanmar Customs restricting some key duty free […]

Long term economic improvement certain, strategy needed: U Win Aung

THE government has come under pressure for its handling of the Myanmar economy, with stakeholders lamenting the slowing pace of economic reform and investment flows. During the first half of 2018, approved foreign direct investments (FDI) totalled just $1.7 billion, compared to $4.1 billion during the same period in the previous fiscal year. Meanwhile, GDP […]

Prioritising essential imports one way to better manage trade deficit: VP

Traders should exercise more discipline when importing items that are non-essential to the Myanmar economy, as this could help prevent the budget deficit from widening beyond necessary, vice president U Myint Swe said during a meeting at the United Myanmar Federation Chambers of Commerce and Industry (UMFCCI) on August 24. At a time when inflation […]

Economic outlook negative: UMFCCI

Myanmar’ economy is in worse shape this year compared to 2017 and 2016, according to the Business Sentiment Survey for the second quarter of 2018 conducted by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) . The results of survey were released during 2nd B4B Insights Forum organised by UMFCCI on […]

New MIC chair promises to stay investor-friendly, says Myanmar “open for business”

During a meeting with four chambers of commerce in Yangon on June 22, U Thaung Tun, the new chair of the Myanmar Investment Commission (MIC), reinforced intentions to “turn Myanmar into a major regional trade and investment destination.” The new chair, who officially replaced U Kyaw Win as head of the MIC on June 16, […]

Confident of long term growth, Serge Pun bets big on tourism, property

Investors looking for clues on where the Myanmar economy is headed may glean some insight from Serge Pun’s recent corporate maneuvers. The 65-year-old Myanmar tycoon has not been idle of late. Last month, units of Peninsula Residences Yangon, a collection of 96 private luxury homes, went on sale. The homes are part of the Yoma […]