ince 2019, the World Economy has faced many challenges because of COVID-19 which started spreading from Wuhan State of China. All the countries are trying to survive this crisis by staying healthy in both physical and mental ways.
Just like other countries, in 2020, Myanmar's emerging economy declined because of the widespread Virus. In Myanmar, over 3,000 people died and over 100,000 people were infected with the Corona Virus. But with the guidance of the Ministry of Health and Sports in 2020, we obeyed the Social Distancing Rules and Regulations to reduce spreading disease.
Myanmar Economics Situations during pandemic
During this pandemic, most of the people in Myanmar are working online from home to get paid and stay healthy while some people have to go to their office 2 weeks a month, and receive half pay. In this way, they reduced social contacts with each other and resisted the virus. The World Bank forecasted
Prior to the COVID-19 pandemic, that the economic growth in Myanmar would pick up to 6.3 percent in FY2019/20 and 6.4 percent in FY2020/21. Following the pandemic, Myanmar’s economy was expected to decline sharply. The global shock and domestic efforts to contain the spread of the virus have had a substantial economic cost.’’
With the restrictions of cargo Imports into Myanmar, some of the products like clothing products were postponed and became expensive. This encouraged local people to buy and produce more local products especially in clothing and skin care to reduce extra COVID cost.
The world wide reach of the virus slowed down many foreign & local companies in Myanmar, especially in the Tourism Industry. Even though the economy in manufacturing, tourism, transport and recreational businesses declined due to the virus, the technology sector and online businesses have been very successful, because of the mobility restrictions.
Development of Online Local Business
The Local Small Business Market emerged online mostly from facebook pages. A lot of people with online access in the cities, started their own business according to their keen interests and hobbies while taking the advantage of having free time during the pandemic and the disadvantage of getting half-pay or being unemployed. With the local market needs and wants, people initiated doing business selling Locally Made Products and Services via the Internet.
Here are some local emerged online businesses -
- Food Corners - People started selling homemade meals online with reasonable prices to customers who love to try different delicious tastes to reduce stress and resist COVID-19. Most of the owners have neither a restaurant or vendor shop but they own their online food corner where hygienic and delicious meals are made. The restaurants are also selling their menus in their restaurant by obeying social distancing rules and regulations. In Myanmar, they normally have three meals a day - breakfast, lunch and dinner. Even though Rice plays an important role in their meals, they also enjoy international menus. The online food corners sell different delicious foods such as Sandwich, Pizza, Cake, Korean Cuisine, Shan Cuisine, Myanmar Cuisine, Bubble Tea, Snacks and others.
- Local Clothing Brands - Youths started local clothing brands more widely which include scrunchies, bags, tops, pants and dresses . Most of them are fashionable and have value for money quality. The products are simple, modern designs mostly popular among youths shopping carts.
- Handmade Products - With the enormous time to stay home, people started learning DIY and Handmade products such as resin keychains, crochet clothing and knit household decorations. Some of them are quite expensive because craft makers had put a lot of effort into creating their products. Handmade Products are unique, memorable and meaningful presents that are also a limited edition and one of a kind / personal product. Crafts creators post their work and receive customized product orders from buyers and earn extra money.
- Skin Care Products - With the demand for having good skin markets, local people start introducing products such as skin care cosmetics, body scrubs, masks and lotions that meet their customer wants. Some of them have their FDA (food and drug administration from department of food and drug administration Myanmar) and distribute to the online stores. With the nice quality and customer service, some local product brands are becoming popular among females .
Because of coup, some of civil employees started online businesses
Starting from the February 1 Coup, people from all over Myanmar started protesting to get democracy. The economical situation has totally changed from what we expected for 2021. Many Civil Employees became jobless because citizens wanted them to join the Civil Disobedience Movement while some of them got their financial support from the CDM supporters. Many of the CDM’ers were struggling financially. And quite a few of them started online businesses.
Why do Local Businesses need support?
Using technology widespread, local business owners play an important role in circulating the money in Myanmar as they donate most of their profits to the community while giving job opportunities to local people.
Spending money with local businesses is a good act in country development; it optimizes the local economy with jobs and money.
Buying local products has many benefits to the environment. For example, products are more accessible, fresher, protecting local land and wildlife by supporting farmers and increasing the local workforce while reducing carbon emissions. It also provides a sustainable environment with less carbon footprint and compatibility for those who live in Myanmar.
All the Local Products have a unique, affordable and nice quality. There are many delicious foods and beautiful items of clothing we should try in every region of Myanmar. So, don’t forget to buy and support local products when you travel around the Internet.