Myanmar President Thein Sein pledged on Sunday to tackle chronic poverty in the long-isolated nation, whose economy was left in tatters by decades of harsh junta rule.
“We have a good foundation for economic development in our country,” the former general said in a speech in Yangon, citing ample water resources, an efficient labour force, an advantageous climate and abundant natural resources.
“But our country is still one of the poorest LDCs [least developed countries]... We must all strive to get out of this situation,” he said.
“Poverty alleviation should be prioritised rather than the wealth of the country at this moment.”
Myanmar was once seen as one of Southeast Asia’s brightest economic prospects, but decades of corruption and economic mismanagement under the former junta caused it to fall behind its regional neighbours.
About one quarter of Myanmar’s population lives below the national poverty line, according to the Asian Development Bank.
