Expanding export market is called key to reviving economy in post-COVID-19 period

No country is emerging unscathed from the Covid-19 pandemic, but the impact on the world’s poorest countries is especially severe.
The Asian Development Bank (ADB) warned last month that economies across Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic.
Myanmar had witnessed that its trade promotion efforts had narrowed the deficit from US$ 5.5 billion in 2015-2016 fiscal year to US$ 1.4 billion in 2019-2020 fiscal year.
The impact from the COVID-19 pandemic on the trade sector in the current fiscal year is not as severe as we expected. However, we need to be well prepared for reviving the economy in the post-COVID-19 period as our country’s trade sector is expected to be hit by the impacts from the pandemic in the 2020-2021 fiscal year.
Expanding our foreign markets with the rest of the world, without relying on sole market, and producing quality value-added products meeting international standards will be critical to igniting economic growth in the post-COVID era.
Meanwhile, we must implement the CERP plan effectively to mitigate risks from the COVID-19 pandemic as a prolonged pandemic remains as a downside risk to our region’s growth outlook this year and next year.

Expanding our foreign markets with the rest of the world, without relying on sole market, and producing quality value-added products meeting international standards will be critical to igniting economic growth in the post-COVID era.

“Most economies in the Asia and Pacific region can expect a difficult growth path for the rest of 2020,” said ADB Chief Economist Yasuyuki Sawada. “The economic threat posed by the COVID-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures.
Consistent and coordinated steps to address the pandemic, with policy priorities focusing on protecting lives and livelihoods of people who are already most vulnerable, and ensuring the safe return to work and restart of business activities, will continue to be crucial to ensure the region’s eventual recovery is inclusive and sustainable.”
It is worth noting that the Ministry of Commerce has relaxed trade restrictions including reducing licence fees and transformed its export and import licence issuing to an online system. Besides, MyanmarTradeNet 2.0 is expected to launch soon.
Hence, we are confident that our country could revive the economy in the post-COVID period by promoting exports and associated imports.

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