August 19, 2016

To achieve inclusive growth and shared prosperity

Myanmar’s economy has the potential to grow rapidly up to around eight per cent per annum in real terms over the next five years according to a World Bank’s news release issued on 23rd February. The news release suggested that eight policy be chosen in order to ensure economic growth. It is true that only when we can effectuate the growth in economy, will we be able to provide greater job opportunities and generate higher incomes for our people. It is worth mentioning here in this juncture that World Bank has explored development opportunities as well as restructuring choices for the policy makers to ponder over.
As known to all, the incumbent government has achieved a landmark in its political and economic reform process. The achievement in economic growth is to be continued to effectuate by the next regime. As pointed out by Ulrich Zachau, World Bank Country Director for Southeast Asia, the great opportunities for Myanmar is to turn continued strong economic growth into better lives for all the people of Myanmar. According to him, three policy directions will be key to help achieve such inclusive growth: the further opening and diversification of the economy with a level playing field for the private sector and structural shifts towards more productive and labour intensive activities; nation-wide programmes to achieve, over time, universal access to basic education, health, and energy services of reliable quality; and transparency and accountability in the public sector.
As we have a long way to go to overcome the challenges to narrow the disparities in many aspects, we expect both the incumbent and the next regime to adopt the aforesaid three policy directions to promote inclusive growth and shared prosperity.


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