Khin Maung Nyo (Economics) - Epidemic Economy

In late September 2008, news broke of the collapse of the US financial system. Originally called a financial crisis, it spread to other sectors and was called an economic crisis. When jobs were lost, it became a job crisis. When it spread not only to the US but also to the rest of the world, it became a global economic crisis.

In May 1996, when I was on a month-long trip to study the US financial markets, it was not so interesting. However, by the time I set foot on Wall Street in New York in October 2008, the economic crisis was already showing its full force. Since then, I have been writing personal letters and articles about the economic crisis. When I returned to Myanmar in early November, I found that there was a fair amount of awareness about the economic crisis. I myself gave lectures and seminars to trade associations, training courses, and seminars in government and private businesses in Yangon, Mandalay, and Nay Pyi Taw (Pyin Mana).

In early March 2009, when I went back to the store by chance, the store where I had bought a computer before was no longer there. The change was so rapid that for many Burmese workers in the United States, it was a source of compassion, but for those who could not keep their cool, it was also a source of pride.

I didn't go to Los Angeles, which I visited last time. At that time, I knew from my visit to Universal Studios that Hollywood was suffering from an economic crisis. This time, I first went to San Francisco, then I went to the hotel where I was attending the conference, and I heard about the crisis from the experiences of taxi drivers in Chicago. The news that I read on the Internet every day and the printed newspapers are full of stories about the crisis.

This latest edition collects not only the crisis, but also the ways to deal with it, the solutions, and the discussions. At the annual conference of the Asian Studies Association, held in Chicago from April ( ) to ( ), out of 250 groups, only one group actively discussed the implications for the Asian region.

When I arrived in New York and Washington, some of my friends said they had lost their jobs. As usual, I gathered as many books as I could find and carry, and I bought them. I also bought many of the books I had picked up and gave them to those who gave me gifts. I was very grateful.

Ever since I first heard the term economic crisis, I have always been curious about how to solve it, how to overcome it. I have been talking and writing about everything I have learned, studied, and read, as much as I can.

This book on the economics of the pandemic is the result of two (2) practical and written experiences in the United States during the financial crisis, when it was right in the center of the storm, and when it returned for a second time about six months later. I hope it will be of some use to policymakers, entrepreneurs, and students.

I would like to request that you please read the additional articles written during the preparation of this book, in the second volume.

Khin Maung Nyo (Economics)

Those who survive

Before the end of 2008, I was responsible for delivering the last biweekly discussion and lecture of the Fisheries Federation and the Shrimp Entrepreneurs Association for this year. “About the pandemic economy. I always read books and papers carefully about the global economic crisis. I attended almost all the lectures held in Yangon, Myanmar. While listening, I came across a need.

We have learned about the global economic crisis. We believe it is important to know how Myanmar businesses should deal with this crisis, so we have collected as much information as we can and presented it here.

In fact , in English , a recession is called a “crisis.” In Myanmar, there are only three types of crises: war, famine, and disease. Therefore, a recession cannot be called a crisis, nor is it the same as the economic depression of the 1930s.

When thinking about what to do and what to do when the economy is slowing down, the first thing to do is to think about the challenges your customers and consumers are facing. You are not alone in your business

In other words, meeting and protecting the needs of consumers and business partners is also protecting your own business. Similarly, protecting your own business is also protecting the people, consumers, and businesses that are connected to your business.

When faced with difficulties, we think about how to increase our sales, how to reduce necessary expenses, and how to reduce waste. However, we often fail to consider competitors, which is something we always consider when developing business plans.

This means that when you are trying to survive and sustain your business, do what you have to do and don't look at or consider the side businesses or competitors. Here, I am reminded of Sayadaw Ashin Sekinda's advice: "Don't look at the side, if you look at the side, you will find the side."

In facing difficulties, there are levels such as the national level, the corporate level, and the business level. While there are things to be done at the national level, and the corporate level can solve them as much as it can, there are also things that can be done and things that need to be done at the business level. In particular, it is understood that the business level can only do so much if it has resources.

One development is the growing interest, planning, and action at all levels regarding the global economic situation. If we use our luck, intelligence, and perseverance to the point where we can confidently say that we have overcome the mountain and the epidemic, we can overcome the Asian economic downturn and Cyclone Nargis, and we can overcome it now. In the meantime, we must remain vigilant, vigilant, and proactive.

Transient business (1)

Khin Maung Nyo (Economics)

Surviving in times of economic slowdown is a very difficult task for both businesses and consumers. When faced with economic hardship, businesses face new challenges and difficulties that they have not faced in the past. Businesses that were previously profitable may no longer be profitable.

All businesses face ups and downs. When the economy is good, it's good. When it's bad, it's bad. You never know when it will happen, how long it will last, or how often. How much your business will be affected, and how long it will suffer, depends on the nature of your business, your market, your business's ability to adapt to change, and your ability to overcome adversity.

The time when you started your business may have been good. The state of your business infrastructure may have been good. So you may have thought about what to do when the economy is slowing down, when you are facing economic difficulties. Now - sales, net income, and profits are down. Whatever the state of your business infrastructure, your business itself is facing a situation of slow growth.

On the positive side, as the saying goes, “The poorer you are, the more you will be able to share your wealth,” it’s a good time to reflect on your business. What has your business done, what has happened, what has been achieved. It’s time to think about where you want to go, what your goals are, and how you will achieve them.

No matter what the reason for the slowdown in economic growth, there are seven (7) steps you need to take to boost your business and keep it going.

1. Identifying challenges and opportunities.

2. Develop a plan.

3. Implementing the plan.

4. Monitoring the results.

5. Negotiating and making adjustments.

6. Learning from successes and failures.

7. Enjoying the fruits of success.

As you prepare your business for a downturn, you should keep a record of your actions. You should gather evidence. If you face a future crisis, you can rely on it. You can reflect on what you did right and what you did wrong. You can also gain ideas, tips, and wisdom that will help you do better when times are good.