With the COVID-19 pandemic wrecking the global economy, our country’s gross domestic product (GDP) growth is estimated to drop from 6.8% growth reported between 2018 and 2019 to just 0.5% for 2019 to 2020, according to a World Bank report released in August.
Myanmar’s economic growth is projected to remain subdued at 2 percent in the current fiscal year 2020-21 due to economic disruptions associated with COVID-19 containment measures imposed in December, the WB said.
However, we are confident that once the restrictions are relaxed and cases of local transmission of the coronavirus are slow, we would be seeing very positive economic growth in coming years.
The World Bank projected growth would slowly recover starting from March 2021. Meanwhile, we need to take measures to increase public investments in infrastructure and digital technologies to ensure that our country, as a digital nation and keep abreast of the changing world due to COVID-19 pandemic.
It is worth noting that our small and medium enterprises still lagged behind the digital access to finance and market.
Hence, we need to promote our digital innovation efforts to accelerate the small and medium enterprises and help SMEs in rural areas get access to digital innovation as we are committed to “no one is left behind” vision.
Digital transformation is driving change in all regional countries.
To shape Myanmar’s brighter future, the United Nations Development Programme also acknowledged that Myanmar’s youth can make the difference in helping Myanmar to build back better using digital technologies to transform how Myanmar does business across the public and private sector to deliver on the SDGs.
Myanmar youth have a tremendous potential to use digital technologies to shape Myanmar’s brighter future.
We are confident that our SMEs can make the difference in helping our country to build back better using digital technologies to transform.
Hence, we would like to urge all stake holders and technology companies to create all possible opportunities for SMEs and the country’s youths to develop their full potential to build Myanmar as a digital nation and keep abreast of the changing world.