CNI News
9 Mar 2023
The economic crisis of the people is likely to deepen if elections cannot be held due to various reasons despite the efforts of the SAC, economic observers and economists said.
If elections scheduled by the SAC can be held, the economy of the country will recover and job opportunities and livelihoods of the people will improve, they added.
Economic sanctions are likely to be lifted when an elected government takes office and foreign investment will flow again into the country, Economic Observer U Thet Zaw told the CNI. He added that more sanctions are likely to be imposed and the current economic crisis of the people will exacerbate without holding elections.
He said, "To be frank, when civilian administration is expanded, military involvement is reduced thanks to elections. Moreover, our country has been hit by a large number of sanctions and resolutions. When an elected government is formed, efforts must be made to ease the sanctions. It is expected that we will be able to attract the FDI. Without elections, more sanctions and resolutions will be imposed. So, the economic crisis will deepen."
A scene in Yangon.
Although some people are looking forward to elections, others are against them.
As a result, the economic prospects of the country depend on holding elections successfully and policies of the new government, entrepreneurs said.
They also expect that FDI will flow again into the country after the elections.
The current political situation of the country does not bode well for the people and is likely to have an impact on the economy, Banking Expert U Htay Aung Kyi told the CNI.
He said, "Elections are political exits for all. It also depends on how they understand it. If they think it is convenient for all, it will be a good exit. It is difficult to assess the common understanding of all. The economy of the country depends much on the political situation. As everything depends on the political situation, there are impacts on the economy. If everyone understands the situation, the economy will improve, I think."
A charity of meals for people in need.
Border trade does not depend much on whether elections can be held or not but there will be delays for a certain period, Vice Chairman U Thant Zin Tun of the Myanmar Corn Industry Association told the CNI.
He said, "Whether elections are held or not, we will have to continue to conduct trade. Barber will have to do their work and so do farmers and merchants. There will be delays for a certain period. However, we will have to do our jobs. In border trade whether it is with Bangladesh or in Myawady or Muse, there were delays due to the closure of gates for sometimes due to policies of relevant countries over the pandemic or unexpected reasons. However, border trade will always resume. So, whether elections are held or not, that will not have so much impact on border trade."
Even if elections can be held, foreign direct investment will not enter into Myanmar immediately and the international community will still watch closely for a certain time and FDI will enter into the country only six months or one year, according to business people.
