According to an Organization of Economic Cooperation and Development (OECD) report, Myanmar must capitalize on its numerous assets and seize the momentum for development, as the country’s population begins ageing.
“The current workforce in Myanmar will become ageing citizens in the next 20 years,” the report says.
The report, Multi-dimensional Review of Myanmar: Initial Assessment, was launched by the OECD and UNESCAP in Yangon on June 18.
The OECD’s medium-term growth forecasts indicate that without structural change the economy can grow at an average of 6.3% over 2013-17, somewhat below the government’s 7.7% target for 2013-2015.
The report added that Myanmar must create more job opportunities in the services and domestic manufacturing sector.
Institutional and social capital need to be built up, as these are the key constraints preventing the country from reaping the benefits of its abundant natural resources, relatively well-trained labour force, favourable geographic location and rich cultural heritage, the report says.
It claimed these assets could form the foundation of a multi-pronged development strategy.
The report also emphasised thevitality of attracting more foreign investments, building more Special Economic Zones (SEZ), uplifting the performance of state owned enterprises and developing the small and medium size enterprises (SME).
