It is enacted in the National Planning Law 2023-2024 as a project objective to make the average gross domestic product of individuals (Per Capita GDP) to be more than K2.45 million at annual prices.
The average GDP is expected to increase by K400,000 over the 2022-2023 financial year. It is included in the National Planning Law signed and enacted by State Administration Council Chairman Senior General Min Aung Hlaing, on 31 March.
The National Planning Law, which takes effect on 1 April, is expected to increase gross domestic product and services (GDP) by 4.1 per cent at regular prices. More than K8,300 billion will be invested from the role of State, and it has been determined that only projects that benefit the state and citizens must be implemented.
In the last draft of the National Planning Law 2022-2023, the average gross domestic product of each individual (Per Capita GDP) was targeted to increase from K2,052,528 to K2,222,230 at annual prices.
In the current National Planning Law, the participation ratio of the agricultural sector, the industrial sector and the service sector in the total value of gross domestic product and services in annual prices are expected to reach 2.5 per cent, 4.8 per cent and 6.7 per cent respectively. If the Union Government verifies that the submitted projects do not generate interest, the projects will see rejection, suspension and less approval, the National Planning Law stipulates.
Source: The Global New Light of Myanmar