24 March 2023
The national economy grew by 2.4 percent after showing minus 5.9 percent, Chairman of State Administration Council Senior General Min Aung Hlaing said at the coordination meeting with SAC members, Union ministers, region/state chief ministers, self-administered division/zone leading committee chairmen held on 24 March.
The national economy was in gradual downturn since Covid-19 infection started in 2020. The nation saw 5.9 percent GDP drop in fiscal year 2020-2021 due to the previous government’s weakness in economic support and administration, the Senior General said.
SAC carried out farming businesses with continuous momentum amidst the difficulties, and the country saw 2.4 percent GDP rise in the first six months of fiscal year 2021-2022 from October to March. In fiscal year 2022-2023, the country saw 3.4 percent economic growth. National economic growth will continue, according to financial officials, he added.
National economic growth is the result of good-will efforts of SAC, the Senior General said.
A country has to function by the political driving force, the economic driving force and the defence driving force. Among them, the economic driving force is the most essential. Only when the economic driving force is strong, can the political and defence driving forces be built and two objectives of prosperity of the country and security of food, water and basic needs be achieved, he stressed.
After the meeting, the Senior General presented Ks-10 billion each for Sagaing and Magway regions and Ks-8 billion each from the State economic development fund for Bago, Mandalay, Yangon and Ayeyawady regions to the respective chief ministers for MSME development.
