Steady focus needed for speedy recovery of economy

The Covid-19 pandemic is still an on-going global crisis. The Union government is also working to adopt appropriate strategies for the economic recovery of the country in the post-COVID-19. The strategies are focussed on aligning with the Myanmar Sustainable Development Plan.
Long-term economic development largely relies on macroeconomic and financial stability for Myanmar.
As the COVID-19 pandemic has caused the biggest global economic downturn since the Great Depression of the 1930s, Myanmar was not exempted from this crisis including unemployment problems, loss of public finance, considerable decline in trade flows and investment.
The government is not only taking measures to liberate the country from the crisis, but also creating resilient mechanisms and institutions for the country. The COVID-19 Economic Relief Plan (CERP) is one of the strategies of the government to overcome challenges caused by the pandemic. Consisting of 7 Goals, 10 Strategies, 36 Action Plans and 76 Actions, the CERP has covered a wide range of extraordinary fiscal measures, which focusses on human resources and commonsense policy responses. In facing against the crisis, the CERP is seen as a living document.

However, market competition should not turn into price increases. Enforcement actions must be taken in protecting consumers from unfair pricing practices as people have suffered severe losses in income.

Experts have remarked that swift and decisive government actions are necessary to address the economic consequences of the COVID-19 pandemic. Myanmar needs to prepare for different types of crises, from addressing supply chain challenges to environmental outcomes, while policymakers should design different available policy alternatives, conduct a cost-benefit analysis, and adopt policy options that can minimize restrictions and distortions for the economic recovery of the country.
In accordance with the past crises, competition policy and its enforcement must be promoted to foster resilience in markets, the speedy recovery of an economy from a crisis and ensuring well-functioning markets after the crisis.
However, market competition should not turn into price increases. Enforcement actions must be taken in protecting consumers from unfair pricing practices as people have suffered severe losses in income.
The Myanmar Sustainable Development Plan has been developed to forge a common path for the country towards the emergence of a prosperous, peaceful and democratic nation.
All citizens should, therefore take part in striving for ensuring a brighter future for the country with a common vision for the wellbeing of our offspring.

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