OPERATION of manufacturing at home in full swing is crucial to develop the State economy. Only when manufacturing process boosts at home will it supply food to the people for ensuring the local food security. On the other hand, boosting production at home can reduce import volume while increasing export volume. The acceleration of manufacturing industries can generate jobs for local people, benefiting those along the production chains.
Myanmar’s economic growth rate declined to -5.9 per cent during the period from October 2020 to September 2021. But, it regained improvement with 2.4 per cent in the six-month interim period and 3.4 per cent on the first six-month period of 2022-23 financial year. At the end of this financial year, the economic growth rate reached 3.4 per cent, according to the statistics of relevant departments.
The economy treats the daily lifestyle of people. Different sorts of businesses directly affect the socioeconomic life of the people. As some 70 per cent of people reside in the rural area, agriculture and livestock farms which are basic economy of rural areas should be improved with modern techniques to produce quality products.
Moreover, an emphasis must be placed on increasing incomes for rural people. Local authorities need to encourage rural people to cultivate quality strains of cash crops potential for booming economy in the rural area.
Consequently, the development gap between rural and urban areas can be narrowed gradually. If so, people from both urban and rural areas can enjoy the fruits of equitable development across the nation. Hence, the government pledged to continue enhancement of people-centred development undertakings in all parts of the nation not to lag all citizens behind the development.
Everybody needs to vow for overcoming challenges in doing business. They have to analyze weakness of their businesses and try to widen their scopes to know efficient spending and wasting the incomes. They all have the business knowledge and the skills to calculate prospects of economic arena. If so, they will have the chances for comprehensively managing their businesses while solving the business problems and overcoming challenges conveniently.
The businesspersons must have a widened scope of knowledge on a locally and internationally basis so as to comprehensively manage their businesses for keeping abreast of businesses from other countries. Only when they uphold global outlook in the economic sector will their businesses boom in order to benefit both the State and the citizens. Consequently, they will have the capacity to hand over their valuable experiences on doing businesses to new generation economists.