Every country has to uplift political, economic and defence driving forces to keep abreast of other countries in the economic sector. These three driving forces are related to one another. Only when the economic driving force is good, will it support the two remaining driving forces to progress. The incidents of global countries showed if the economic driving force is not powerful, the relevant country will have to face various kinds of plights.
Myanmar faced difficulties during the outbreak of the Covid-19 pandemic and political crises. Some attempts to degrade the economic trend of the State economy. Unscrupulous persons committed destructive acts to halt factories and industries, posing coercion to the employees of workplaces to cause frightening situations. Moreover, they hampered money circulation with attempts to collapse the banking system in various ways and means. Currently, the country has already escaped from such nightmares.
On the other hand, the import of a larger volume of fuel needs to spend a large sum of foreign exchange on a yearly basis. Hence, preparations are being made to implement electric cars for public transport in order to reduce fuel consumption. Moreover, generating electricity based on various sources of renewable energy as well as nuclear energy can save the consumption of fuel in many sectors. That is why all people need to save their consumption of cooking oil and fuel oil in order to minimize spending on foreign exchange which can be allotted to various sectors of the budget.
The government has been managing the local money circulation while disbursing necessary loans to local businesses. The surging economy of the country depends on a lesser volume of imports as well as an increased volume of exports. Utmost efforts must be made to strive for exporting quality export products to foreign markets whereas it is necessary to reduce import volume as much as possible.
Practically, people face bitterly high prices in the domestic market whenever the prices of importable goods are rocketing in the foreign market. As such, the government restricted the import of cooking oil and fuel oil as of 2021. Cooking oil consumption and the decline of oil crop cultivation cause high demand for cooking oil in the domestic market.
As the country is endowed with farmlands, water facilities and human resources, people need to actually work. If they strive for meeting the target per-acre yield of oil crops, domestic oil production will increase. If oil palm cultivation and palm oil production exceed the targets, the country can stand on its own with the production of sufficient cooking oil for the people.
On the other hand, the import of a larger volume of fuel needs to spend a large sum of foreign exchange on a yearly basis. Hence, preparations are being made to implement electric cars for public transport in order to reduce fuel consumption. Moreover, generating electricity based on various sources of renewable energy as well as nuclear energy can save the consumption of fuel in many sectors. That is why all people need to save their consumption of cooking oil and fuel oil in order to minimize spending on foreign exchange which can be allotted to various sectors of the budget.
