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Entrepreneurs are worried about their future economic situation due to COVID-19

A report released by the Asia Foundation said some business owners were worried about the future of their business, as some businesses were still closed and some COVID-19 lines were closed. Due to the continued outbreak of COVID-19 disease, it is likely that businesses in Myanmar will continue to lag behind in terms of sales and profits. A second survey by the Asia Foundation on the economic impact of COVID-19 found that the effects were more varied and that some businesses were able to adapt to minor impacts and epidemics, but that some businesses were still closed and were not selling, and business owners were worried about their business prospects.

Manufacture of garments in Yangon and Mandalay Region, Myanmar’s urban townships; Transport and hotel services are the hardest hit compared to other places and businesses. However, despite no significant improvements in business performance, business owners are becoming more optimistic about the viability of businesses on COVID-19. It is clear that the government should continue to support businesses, especially those that are particularly vulnerable.

In addition, the government should consider the potential link between economic downturn and lockdowns, or the number of COVID-19 outbreaks. Both COVID-19 global epidemic impact assessments on businesses are based on data from the Asia Foundation’s Myanmar Economic Environment Index (MBEI) survey. The survey asked respondents their views on the business environment and compared the results in states, regions and townships in Myanmar.

Source: Daily Eleven

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