“Economic sanctions and instabilities in some states and regions affect the economy of the nation. At present, progress of economy is prolonged,” said Union Minister for Investment and Foreign Economic Relations Aung Naing Oo.

He said these words at a video conference with foreign news agencies held on April 21. He said that the current government is facing challenges that are different from previous governments. It faces economic sanctions and instabilities in some regions and states and it affects the economy of the nation.

But, the country is in a situation to open the sectors as COVID-19 pandemic is under control. The pandemic caused delay in the economy of the State. At present, the development of the State economy is prolonged, he said.

It is expected to increase GDP to reach 3.7 percent in 2022-2023 in accordance with 2022-2023 FY Union Budget Law.

The most important objectives of  2022-2023 FY Union Budget Law are to increase GDP to 3.7 percent, 2.6 percent in agricultural sector, 1.8 percent in Fishery and Meat sector, 13.5 percent in Forestry sector, 2.6 percent in Energy sector, 21.1 percent in Mining sector, 4.5 percent in Industrial sector, 6.3 percent in Electricity sector, 2.9 percent in Construction sector, 4.6 percent in Transportation sector, 3.5 percent in Communication sector, 4.1 percent in Financial sector, 2 percent in Social and Management sector and 4.3 percent in Trade sector.

For progress in states and regions, it is expected 3.3 percent in Kachin State, 3.5 percent in Kayah State, 2.5 percent in Kayin State, 2.6 percent in Chin State, 4.2 percent in Sagaing Region, 3.0 percent in Taninthayi Region, 4 percent in Bago Region and 3.4 percent in Nay Pyi taw Council area.