CNI News

27 August 2024

With the country's instability, Myanmar is facing an economic recession and the government should have ways to cure it, businessmen and economic commentators told CNI News. 

Border trades that received tax have been suspended and a country cannot operate its activities without receiving tax; the State Administration should try to make foreign investments enter the country, an economic analyst told CNI News.

 " Because the government are losing tax. There are questions to ask the government to cure that. If a government doesn't receive tax, the government will be in a tight spot. It will find it difficult to exist for long. As soon as it doesn't receive tax, how much foreign investments can it invite? How much foreign loans can it borrow? If the country is unstable, the economy declines. So, the country needs to have ways to cure it. Mainly, the country needs to have a lot of international aids." he said.

While seeing a foodstuff shop

In trying to get international aid, although Russia is an ally, it is geographically very far away from Myanmar; although Myanmar could receive technologies from Russia, Myanmar has problems that need to be solved in the short term, U Aung Pyit Sone, a businessman, told CNI News.

The government should make attempts to gain aid from China and India, neighboring powerful countries; at present, if the government lifted its controls, it could be more difficult for the grassroots; limited control only should be conducted, he said.

While seeing two people selling newspaper

" If the market opens, it possibly will be more difficult. As soon as the market opens, the rich might buy cooking oil and gold and so on a lot. And then, the people from the basic social class will face more hardships. If the government control the market, limited control only is needed." said U aung Pyit Sone.

Although it is generally right that the current devaluation of Myanmar kyat could be solved only when the politics is stable, if foreign currency was received enough, that problem could be solved, reviewed businessmen and economic analysts.