August 20, 2016

Time for a brilliant feat of nation building

Strange as it may seem, international economic analysts are unanimous in their description of our country as an underdeveloped economy with promising prospects for businesses and investment given its abundant natural resources and its geographical location to the world’s two most populous countries, whose combined populations exceed 2.5 billion.
The McKinsey Global Institute expected a June 2013 report that Myanmar had the potential to multiply its GDP by four, from US$45 billion in 2010 to $200 billion in 2030, if the government were to foster the growth of non-agricultural employment opportunities in an effort to unlock high economic growth. The institute suggested a diversified economy to boost labour productivity, pointing out that exclusive reliance on energy and mining would not enable the country to reach its potential.
McKinsey also presented four challenges that have “so far received little attention but can underpin growth and productivity”. According to the report, harnessing digital technology, supporting a structural shift from agriculture to manufacturing, preparing for urbanisation and connecting to the world will require the government to maintain political stability, strong macroeconomic policy, human capital and opportunities for local companies to penetrate overseas markets.
It is time for all of the stakeholders engaged in Myanmar’s process of nation-building to bring the highest degree of energy and enthusiasm to the project of developing political stability and human capital, which are the keys to realizing the country’s economic development goals.


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