World Bank urges Myanmar to prioritise electricity, finance, skilled workersStaff writer ▼ | December 19, 2014
A World Bank report urges the Myanmar government to prioritise the development of specific sectors, including electricity, finance and skilled labour, to attract domestic and foreign investment and boost employment.
Advice A new World Bank report
The report highlights the need for "opening access to domestic, regional, and international markets; improving the unreliable power supply; developing the financial sector; improving access to land; increasing the availability of skilled labour; and improving information and computer technology services."
The report also urges the Myanmar government to extend access to affordable electricity to the 75 per cent of the population living without electricity in an effort to create a good environment for the development of the private sector and generate job opportunities.
“Myanmar has opened up and launched major reforms that hold the promise of better lives for its people,” said Ulrich Zachau, the World Bank Country Director for Southeast Asia in a press release.
“How can Myanmar seize its historic opportunity and bring down poverty throughout the country? The Systematic Country Diagnostic shows it’s about Three “I”s: incomes for farmers; inclusion—universal access to education, health, and electricity for all; and an improved investment climate for private sector-led growth and good jobs.”
The World Bank also calls upon the government to help farmers increase their incomes by "increasing productivity, crop diversification, value-addition for crops and products and granting stronger land tenure security."
The World Bank further emphasised the need to end conflicts and focus on development that includes all people living in Myanmar.
According to the report, macroeconomic management, the continued opening of markets and transparent governance are the basic foundations for the country's economic growth.
According to World Bank figures, Myanmar has a GDP per capita of $1,105, a high poverty rate and the lowest life expectancy among Asean countries. ■