Min Aung Hlaing rejects World Bank’s economic forecast for Myanmar

Speaking at an economic coordination meeting held at the SAC office in Naypyidaw on July 2, the Senior General stated that the country’s economy is measured by its Gross Domestic Product (GDP), and efforts are being made to improve it.

According to him, Myanmar’s GDP stood at US$76.4 billion in the 2024–2025 fiscal year, and the government is targeting US$81 billion in 2025–2026, a projected growth of US$5.2 billion.

He pointed out that while the World Bank initially expected Myanmar’s economy to grow by 2.5 %, it now predicts a contraction of the same figure. He insisted the international institution's calculations do not reflect the country’s true potential, emphasising that economic improvement is possible through collective effort.

“Our GDP is still low compared to neighbouring and ASEAN countries. If we want to change that, we must focus on developing our manufacturing sector,” said  Senior General Min Aung Hlaing.

He stressed that Myanmar’s economic backbone is agriculture and livestock-based manufacturing, and urged increased production of essential food items such as rice, oil, and fish to stabilise prices.

The SAC Chairman highlighted the need to build on existing strengths in the agriculture and livestock sectors. While crops like peanuts, sesame, sunflower, and soybeans are cultivated domestically, edible oil continues to be imported due to insufficient production. He called for greater self-sufficiency in oil production.

Myanmar currently has a national rice self-sufficiency rate of about 170 per cent, but some regions—including Chin State, Tanintharyi, Magway, Mandalay, Yangon, and parts of Shan State—still face shortfalls.

He stressed the importance of improving rice yields in these areas to achieve balanced self-sufficiency nationwide, except Chin and Mandalay, which may continue to face challenges.

He added that boosting high-quality rice exports could generate valuable foreign income. To support this, he encouraged farmers to adopt mechanised farming practices, especially the use of rice planting machines, and to maintain proper spacing and field conditions to ensure healthy crop growth and higher yields.

“Only with proper cultivation can we ensure good harvests. That’s the key to economic progress,” the Senior General added. He emphasises expanding farmland and boosting agriculture to reduce poverty.

Senior General Min Aung Hlaing has stressed the importance of expanding farmland use and increasing crop yields to improve the country’s agricultural sector and reduce poverty, especially in rural areas.  

During the 2022–2023 season, rain-fed rice was cultivated on 17 million acres, with 15 million acres used for net cultivation. Multiple cropping covered 2.24 million acres, while intercropping accounted for 28,000 acres. However, 7.33 million acres of land were used to grow only one rice crop annually.

He highlighted that around 20 million acres of agricultural land are currently used for single cropping each year. By utilising these lands for additional crop cycles or diversifying with other crops, the country could benefit significantly, he said.

Senior General Min Aung Hlaing urged all regions and states to take active measures to ensure the success of agricultural projects.

These efforts should include systematic planting using clean seeds, appropriate fertiliser use, soil improvement, and ensuring access to irrigation. He stressed that as long as the current administration is in office, it will prioritise the success of the agriculture and livestock sectors, except in cases of natural disasters.

He reiterated that the development of agriculture-based businesses will remain a core priority of his government. Addressing recent reports of rising poverty levels, the Senior General pointed to two main causes: business failures and the impact of natural disasters.

He emphasised that about 70 % of Myanmar’s population lives in rural areas, and over half of them are engaged in agriculture and forestry.

“By strengthening agricultural and livestock businesses, especially those carried out in rural areas, we can make a major impact on poverty reduction,” he said. “This must be done with compassion and genuine intent.”

He added that agricultural and livestock production should be expanded to meet the population’s daily nutritional needs, including meat, fish, eggs, and fruits. Improving these sectors would also enhance the socio-economic conditions of rural communities by increasing household incomes and reducing poverty levels.

The meeting was attended by Council members, Union Ministers, the Chairman of the Naypyidaw Council, Deputy Ministers, and departmental officials. Chief Ministers from regions and states joined the discussion via video conferencing.

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