Anticipated economic growth is forecasted to reach 4.1 per cent during the 2023-2024 financial year, as highlighted by the deputy minister for Planning and Finance during the 22nd press conference.
For the 2019-2020 financial year, initial projections placed the budget deficit and GDP at 5.65 per cent, yet year-end calculations indicated a higher figure of 6.27 per cent. Targeting 5.29 per cent in the 2020-2021 financial year, the outcome surged to 7.56 per cent, predominantly due to the impact of the COVID-19 pandemic.
The pandemic caused a reduction in Myanmar’s revenue, leading to a decline in economic growth to 3.2 per cent for the fiscal year 2019-2020 and a further decrease to -5.9 per cent in the 2020-2021 financial year.
The deputy minister highlighted a growth of 2.4 per cent during the six-month minibudget period, with an additional increase of 3.4 per cent observed in the 2022-2023 financial year. — TWA/CT