The latest provisional estimates of GDP for the quarter ended September 30. It provides insights into the real economic growth rate, Gross Value Added (GVA) across sectors, and the performance of key components of the services economy.
The latest provisional estimates of GDP for the quarter ended September 30 show a real economic growth of 7.6%.
Gross Value Added (GVA) across the eight broad sectors of the economy reflected a marginal slowing, with second-quarter GVA registering a 7.4% expansion.
Manufacturing, mining, utilities, and construction sectors showed robust double-digit expansions, offsetting the loss of momentum in other sectors.
Manufacturing was the strongest performer, registering a growth of 13.9%, a nine-quarter high.
Construction witnessed its best showing in five quarters, expanding 13.3%.
Agriculture and the two services sectors of trade, hotels, transport and communication, and financial, real estate and professional services saw a significant slowdown in growth.
Growth in the agriculture sector slowed sharply to an 18-quarter low of 1.2% and experienced a sequential contraction for the third straight quarter.
The growth in the services economy has slowed down, with trade, hotels, transport, and communication seeing a growth rate of 4.3% in the September quarter, compared to 9.2% in the June quarter.
The growth in financial and realty services has also more than halved to 6% in the September quarter.
Private final consumption expenditure, which is the largest component of demand in the economy, has slowed down to 3.1% in the September quarter, compared to 6% in the previous quarter.
The slowdown in private consumption spending is due to below-average monsoon affecting rural demand.
The recent economic momentum has been driven by front-loaded government spending, both in terms of consumption demand and capital investments.
Policymakers need to focus on broadening the growth base to sustain momentum and reduce inequality.
The operationalization of the Loss and Damage (L&D) fund, which is a crucial aspect of climate justice.
Representatives of member-states at the COP28 climate talks have agreed to operationalize the Loss and Damage (L&D) fund, a three-decade-old demand.
The L&D fund is a corpus of money and technologies that will be replenished by developed countries and used by the rest to respond to the unavoidable effects of climate change.
The announcement to operationalize the fund was made on the first day of the COP28 talks in the UAE.
The decision to launch the fund was made at the COP27 talks in Egypt last year, thanks to the efforts of the G-77 bloc of countries plus China, led by Pakistan.
The fund was supposed to be determined through four meetings of the Transitional Committee (TC), but issues in the TC-4 meeting spilled over into an ad hoc TC-5 meeting.
The newly operationalized fund, while signaling optimism at COP28 and a diplomatic victory for its Emirati president, still has crucial issues that need to be addressed.
The L&D fund will be hosted by the World Bank for a period of four years and overseen by an independent secretariat.
Developing countries initially resisted the proposition of the fund but yielded at the TC-5 meeting in exchange for concessions.
Some countries have committed amounts to the fund, but it is unclear if they will be periodically replenished.
The committed amounts total $450 million, which is insufficient compared to the actual demand of several billion dollars.
Developed countries missed their 2020 deadline to mobilize $100 billion in climate finance and only delivered $89.6 billion in 2021.
Contributions to the fund are voluntary, but every country has been invited to contribute.
The World Bank will have to meet conditions on managing the fund, including transparency and submitting a report to the Parties to the Paris Agreement.
If the World Bank's stewardship is deemed unsuitable, the fund can 'exit' the World Bank.
The contents of the fund need to be easily accessible, without bureaucratic hurdles, and in sufficient quantities.
There is little guarantee that these requirements will be met, and more needs to be done for the L&D fund.
The political developments in Myanmar after the formation of the National Unity Government (NUG) and the adoption of the Federal Democracy Charter (FDC). It highlights the significance of these developments in Myanmar's post-colonial independence and nation formation process.
The National Unity Consultative Council (NUCC) established a parallel governance system in Myanmar in 2022.
The NUCC organized an online "People's Assembly" in January 2022, which adopted the Federal Democracy Charter (FDC) declared by the Committee Representing Pyidaungsu Hluttaw (CRPH) on March 31, 2021.
The formation of the National Unity Government (NUG) and the adoption of the FDC played a significant role in shaping Myanmar's Spring Revolution.
The FDC is a political milestone in Myanmar's post-colonial independence and nation formation process, recognizing equality for diverse ethnic groups.
The FDC is not a legal document and still needs to address constitutional checks and balances, but it serves as a political guideline for future constitutional development in Myanmar.
The charter's adoption reflects the will of the people of Myanmar and their aspirations for a federal democratic structure and basic human rights.
The post-coup political developments in Myanmar have involved deliberations, negotiations, and political consensus among diverse pro-democratic groups.
The diverse ethnic groups involved in the pro-democracy movement have shown that peace in Myanmar is possible without military involvement.
The composition of the NUG (National Unity Government) includes representatives from various political parties and organizations, demonstrating a multi-ethnic governance structure.
The formation of the NUG is a political feat considering the ongoing armed revolution and civil disobedience movement in the country.
Myanmar's military is facing sliding morale and defections within the armed forces.
The military is being attacked politically and militarily on multiple fronts.
Coordinated armed offenses against the military have disproven the notion that the military is essential for the country's future.
The military used the constitution and law to serve its own interests.
The military claimed widespread fraud in the 2020 general elections and staged a failed coup.
The country erupted in protest against the military coup, leading to a civil disobedience movement and violent uprising.
Revolutionary pro-democracy forces are pushing the military out of many areas.
There is a strong commitment to fight against the military and build a federal and democratic union.
The process of Myanmar's unification has started with the collective effort of the NUG.
The NUG aims to complete the nation and state building process that was left incomplete after colonial rule and military takeover.
Public anger and protests have been ongoing since February 1, 2021, with the goal of removing the military from power.