CNI News
1 June 2024
Economic experts should be appointed as officials to lead economic departments such as committees and commissions relating to investment, trade, finance and flow of goods, pointed out businessmen and economic analysts.
Those who not skilled in business and economy are not appointed to lead economic industries in Singapore, Malaysia, South Korea, ASEAN and other Asian countries so that economic decisions will be correct, they pointed out.
The people who are not businessmen and economists are participating in the economic sector of Myanmar and but, it depends on their consult ability, U Htay Aung Kyi, a banking expert told CNI News.
" How much economic officials know technically? How much can they consult with technical experts? It is important. Those who are not experts in business and economy are not appointed in all the economic agencies in Malaysia, Singapore, Thailand and South Korea so that correct decisions can be made. The C in C of the defense services is not an economist. But it depends on his consultancy with economists." he said.
While seeing Lt-Gen Nyo Saw and Sr-Gen Min Aung Hlaing
At present, the State Administration Council has appointed Lt-Gen Nyo Saw as the chairman of the Foreign Exchange Supervisory Committee (FESC). Moreover, General Mya Tun Oo has been appointed as the chairman of the Central Committee on Ensuring Smooth Flow of Trade and Goods and the chairman of the Myanmar Investment Commission.
Although economic experts should take responsibility in economic sector, military experts took responsibility in the sector under the military government led by U Than Shwe and the country enjoyed the trade surplus. Whether economic or military experts took responsibility in the economic sector, it mainly depends on the economic policy that was applied.
While military officials were taking advice from economists, it would be convenient only if the policy supported the economy, an anonymous economic commentator told CNI News.
" If you had export income, you would have to import goods under the military government led by U Than Shwe. It was convenient for importers and exporters got good prices. In the past, military officials took responsibility and at present military officials take responsibility, too. But as the policy is different from each other, the situations have been different. The current military tried to win the trade surplus, but the situation is getting worse. Officials from the military might not understand the economic policy. They have to take some advice from economists. If they do so, the policy, it will be a balanced policy with the economy. Otherwise, it won't be convenient." he said.
While seeing a grocery store
Currently, Myanmar's economic sector is declining and because of difficult transport, controlling foreign currencies, limiting import and export licenses, trade is decreasing; foreign investments are also leaving and the investments re-entering are also very low reportedly.
Moreover, Because of devaluation of Myanmar Kyat, the prices are higher within the country.
It was mainly necessary to relax the centralization system so that the economy would recover and the value of Myanmar kyat would increase. Moreover, the government should relax the export earning policy and carry out to export more, pointed out economic analysts.
It was necessary to raise the exchange rate so that the income of expatriate migrant workers would officially enter the country, they pointed out.
