State aims to achieve four-per-cent GDP growth in 2023-24 Financial Year

State aims to achieve four-per-cent GDP growth in 2023-24 Financial Year

GOVERNMENT’S enterprises are to contribute to the development of the State without fo cusing on benefit but they should not sustain loss, said Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing at the economic committee meeting 6/2023 of the Republic of the Union of Myanmar at the SAC Chairman Office yesterday afternoon.

Speaking on the occasion, the Senior General underlined that after taking on the State responsibilities, the government did not borrow any loans. Due to receiving some foreign aid in late 2022, the government could implement some projects. It can be seen that local finance and the economy depend on the internal strength of the nation. In its term, the government restricts the selling of natural resources as much as it can.

Concerning the State economy, the Senior General notified that the GDP of the State increased to 3.4 per cent in the 2022-23 financial year, and it is expected to secure four per cent of GDP in the 2023-24 financial year. If the country emphasizes current manufacturing measures, greater development will come out, he added.

The Senior General highlighted that as Myanmar is an agro-based country, its products based on agriculture and livestock farms can contribute to the food security of the world. Hence, it can be said that agrobased products have firm market shares and these are expected to obtain greater economic development for the State, he stressed.

The Senior General pointed out that it is necessary to correctly manage land utilization under the prescribed laws as using agricultural lands in other ways causes loss to the agricultural tasks of the country.

The Senior General expressed a policy to ensure the sufficiency of cooking oil from 2025. Meanwhile, the Senior General said that public transport and generating electricity from renewable energy are being encouraged to reduce the use of fuel.

The Secretary of the committee Union Minister for Planning and Finance, union ministers and region and state chief ministers reported on their respective sectors.

In his response to the reports, the Senior General said that increased incomes can be earned from the manufacturing of improved rubber raw materials. He stressed the need for relevant ministries to generate electricity from gasifiers and urged all to always research the international market for the market shares of agricultural and livestock products of Myanmar.

In conclusion, the Senior General underscored that the K20,000 banknote aims to be circulated as a commemorative measure. He said that the country will not surely face inflation for the circulation of K20,000 banknotes. Government’s enterprises are to contribute to the development of the State without focusing on benefits but they should not sustaion loss.

MNA/TTA

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