Myanmar (also known as Burma) is an emerging economy with a nominal GDP of $69.322 billion in 2017 and an estimated purchasing power adjusted GDP of $327.629 billion billion in 2017 according to World Bank. For 2018 estimate, the country's per capita will be $6,509 in PPP per capita and $1,490 in nominal per capita.
|Economy of Myanmar|
Sakura Tower in Yangon
|1 October– 30 September|
|WTO, ASEAN, BIMSTEC|
|GDP||$69.322 billion (nominal) (2017 est.)|
$327.629 billion (PPP) (2017 est.)
|GDP rank||70th (nominal)|
|7.0% (2015), 5.9% (2016), |
6.4% (2017e), 6.7% (2018f) 
GDP per capita
|$6,509 (PPP) (2018 est) $1,490 (Nominal) (2018 est)|
GDP by sector
|agriculture: 24.8%, industry: 35.4%, services: 39.9% (2017 est.)|
|5.9% (2014 est.)|
Population below poverty line
|19.4% (2015) |
|33.00 million (2011 est.)|
Labour force by occupation
|agriculture: 70%, industry: 8%, services: 22% (2001)|
|Unemployment||4% (2017) |
|agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertiliser; petroleum and natural gas; garments, jade and gems|
|Exports||$14.84 billion(2018 official figure) note: official export figures are grossly underestimated due to the value of timber, gems, narcotics, rice, and other products smuggled to Thailand, China, and Bangladesh|
|natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems|
Main export partners
| China 42.13% |
Singapore 3.94% (2017 official figures.)
|Imports||$18.68 billion (2018 official figure) note: import figures are grossly underestimated due to the value of consumer goods, diesel fuel, and other products smuggled in from Thailand, China, Malaysia, and India|
|fabric, petroleum products, plastics, fertiliser, machinery, transport equipment, cement, construction materials, crude oil; food products, edible oil|
Main import partners
| China 33.4% |
(2017 official figures.)
|$11 billion (2012)|
|Expenses||$4.272 billion (2011 est.)|
|Economic aid||recipient: $127 million (2001 est.)|
|$8 billion (as of January 2013)|
According to Michael Adas, Ian Brown, and other economic historians of Burma, Burma's pre-colonial economy in Burma was essentially a subsistence economy, with the majority of the population involved in rice production and other forms of agriculture. Burma also lacked a formal monetary system until the reign of King Mindon Min in the middle 19th century.
All land was technically owned by the Burmese monarch. Exports, along with oil wells, gem mining and teak production were controlled by the monarch. Burma was vitally involved in the Indian Ocean trade. Logged teak was a prized export that was used in European shipbuilding, because of its durability, and became the focal point of the Burmese export trade from the 1700s to the 1800s.
After Burma was conquered by the British, it became the second wealthiest country in Southeast Asia, after the Philippines. It was also once the world's largest exporter of rice. During British administration, Burma supplied oil through the Burmah Oil Company. This supplying market received a setback through the great depression in the 1930s. Burma suffered, like other countries in this region, from the decline in the total level of global trade. Burma also had a wealth of natural and labour resources. It produced 75% of the world's teak and had a highly literate population. The country was believed to be on the fast track to development.
After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation. He attempted to make Burma a welfare state by adopting central planning measures. The government also tried to implement a poorly thought out Eight-Year plan. But by the 1950s, rice exports had increased by two thirds and mineral exports by over 96%. Plans were implemented in setting up light consumer industries by private sector. The 1962 Burmese coup d'état, was followed by an economic scheme called the Burmese Way to Socialism, a plan to nationalise all industries, with the exception of agriculture. The catastrophic program turned Burma into one of the world's most impoverished countries. Burma's admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy.
After 1988, the regime retreated from totalitarian socialism. It permitted modest expansion of the private sector, allowed some foreign investment, and received much needed foreign exchange. The economy is rated in 2009 as the least free in Asia (tied with North Korea). All fundamental market institutions are suppressed. Private enterprises are often co-owned or indirectly owned by state. The corruption watchdog organisation Transparency International in its 2007 Corruption Perceptions Index released on 26 September 2007 ranked Burma the most corrupt country in the world, tied with Somalia.
The national currency is the kyat. Burma currently has a dual exchange rate system similar to Cuba. The market rate was around two hundred times below the government-set rate in 2006. In 2011, the Burmese government enlisted the aid of International Monetary Fund to evaluate options to reform the current exchange rate system, to stabilise the domestic foreign exchange trading market and creates economic distortions. The dual exchange rate system allows for the government and state-owned enterprises to divert funds and revenues, but also gives the government more control over the local economy and temporarily subdue inflation.
Inflation averaged 30.1% between 2005 and 2007. Inflation is a serious problem for the economy. In April 2007, the National League for Democracy organised a two-day workshop on the economy. The workshop concluded that skyrocketing inflation was impeding economic growth. "Basic commodity prices have increased from 30% to 60% since the military regime promoted a salary increase for government workers in April 2006," said Soe Win, the moderator of the workshop. "Inflation is also correlated with corruption." Myint Thein, an NLD spokesperson, added: "Inflation is the critical source of the current economic crisis."
In recent years, both China and India have attempted to strengthen ties with the government for economic benefit. Many nations, including the United States and Canada, and the European Union, have imposed investment and trade sanctions on Burma. The United States banned all imports from Burma, though this restriction was since lifted. Foreign investment comes primarily from People's Republic of China, Singapore, South Korea, India, and Thailand.
In 2011, when new President Thein Sein's government came to power, Burma embarked on a major policy of reforms including anti-corruption, currency exchange rate, foreign investment laws and taxation. Foreign investments increased from US$300 million in 2009-10 to a US$20 billion in 2010-11 by about 6567%. Large inflow of capital results in stronger Burmese currency, kyat by about 25%. In response, the government relaxed import restrictions and abolished export taxes. Despite current currency problems, Burmese economy is expected to grow by about 8.8% in 2011. After the completion of 58-billion dollar Dawei deep seaport, Burma is expected be at the hub of trade connecting Southeast Asia and the South China Sea, via the Andaman Sea, to the Indian Ocean receiving goods from countries in the Middle East, Europe and Africa, and spurring growth in the ASEAN region.
In 2012, the Asian Development Bank formally began re-engaging with the country, to finance infrastructure and development projects in the country. The $512 million loan is the first issued by the ADB to Myanmar in 30 years and will target banking services, ultimately leading to other major investments in road, energy, irrigation and education projects.
In March 2012, a draft foreign investment law emerged, the first in more than 2 decades. This law oversees unprecedented liberalisation of the economy. It for example stipulates that foreigners no longer require a local partner to start a business in the country, and are able to legally lease land. The draft law also stipulates that Burmese citizens must constitute at least 25% of the firm's skilled workforce, and with subsequent training, up to 50-75%.
On 28 January 2013, the government of Myanmar announced deals with international lenders to cancel or refinance nearly $6 billion of its debt, almost 60 per cent of what it owes to foreign lenders. Japan wrote off US$3 Billion, nations in the group of Paris Club wrote off US$2.2 Billion and Norway wrote off US$534 Million.
Myanmar's inward foreign direct investment has steadily increased since its reform. The country approved US$4.4 billion worth of investment projects between January and November 2014.
According to one report released on 30 May 2013, by the McKinsey Global Institute, Burma's future looks bright, with its economy expected to quadruple by 2030 if it invests in more high-tech industries. This however does assume that other factors (such as drug trade, the continuing war of the government with specific ethnic groups, etc.) do not interfere.
As of October 2017, less than 10% of Myanmar‘s population has a bank account. As of 2016-17 approximately 98 percent of the population has smartphones and mobile money schemes are being implemented without the use of banks similar to African countries.
In a first ever countrywide study the Myanmar government found that 37 per cent of the nation’s population are unemployed and an average of 26 per cent live in poverty.
The current state of the Burmese economy has also had a significant impact on the people of Burma, as economic hardship results in extreme delays of marriage and family building. The average age of marriage in Burma is 27.5 for men, 26.4 for women, almost unparalleled in the region, with the exception of developed countries like Singapore.
Burma also has a low fertility rate, of 2.07 children per woman (2010), especially as compared to other Southeast Asian countries of similar economic standing, like Cambodia (3.18) and Laos (4.41), representing a significant decline from 4.7 in 1983, despite the absence of a national population policy. This is at least partly attributed to the economic strain that additional children place on the family income, and has resulted in the prevalence of illegal abortions in the country, as well as use of other forms of birth control.
The 2012 foreign investment law draft, included a proposal to transform the Myanmar Investment Commission from a government-appointed body into an independent board. This could bring greater transparency to the process of issuing investment licenses, according to the proposed reforms drafted by experts and senior officials. However, even with this draft, it will still remain a question on whether corruption in the government can be addressed (links have been shown between certain key individuals inside the government and the drug trade, as well as many industries that use forced labour -for example the mining industry-).
The major agricultural produce is rice which covers about 60% of the country's total cultivated land area. Rice accounts for 97% of total food grain production by weight. Through collaboration with the International Rice Research Institute (IRRI), 52 modern rice varieties were released in the country between 1966 and 1997, helping increase national rice production to 14 million tons in 1987 and to 19 million tons in 1996. By 1988, modern varieties were planted on half of the country's rice fields, including 98% of the irrigated areas. In 2011, Myanmar's total milled rice production accounted for 10.26 million tons, an increase from the 1.8 per cent back in 2010.
In northern Burma opium bans have ended a century old tradition of growing poppy. Between 20,000 and 30,000 ex-poppyfarmers left the Kokang region as a result of the ban in 2002. People from the Wa region, where the ban was implemented in 2005, fled to areas where growing opium is still possible. Other ex-poppyfarmers are being relocated to areas near rubber plantations. These are often mono-plantations from Chinese investors.
The lack of an educated workforce skilled in modern technology contributes to the growing problems of the economy.
Lately, the country lacks adequate infrastructure. Goods travel primarily across Thai and China borders and through the main port in Yangon.
Railroads are old and rudimentary, with few repairs since their construction in the late nineteenth century. Presently China and Japan are providing aid to upgrade rail transport. Highways are normally paved, except in the remote border regions. Energy shortages are common throughout the country including in Yangon. About 30 percent of the country's population is without electricity, with 70 per cent of people living in rural areas.The civilian government has indicated that electricity will be imported from Laos to fulfill demand.
Other industries include agricultural goods, textiles, wood products, construction materials, gems, metals, oil and natural gas.
The garment industry is a major job creator in the Yangon area, with around 200,000 workers employed in total in mid-2015. The Myanmar Government has introduced minimum wage of MMK 4,800 (US$3.18) per day for the garment workers from March 2018.
The Myanmar garments sector has seen significant influx of foreign direct investment, if measured by the number of entries rather than their value. In March 2012, six of Thailand's largest garment manufacturers announced that they would move production to Burma, principally to the Yangon area, citing lower labour costs. In mid-2015, about 55% of officially registered garment firms in Myanmar were known to be fully or partly foreign-owned, with about 25% of the foreign firms from China and 17% from Hong Kong. Foreign-linked firms supply almost all garment exports, and these have risen rapidly in recent years, especially since EU sanctions were lifted in 2012. Myanmar exported $1.6 billion worth of garment and textiles in 2016.
Burma (Myanmar) is the largest producer of methamphetamines in the world, with the majority of ya ba found in Thailand produced in Burma, particularly in the Golden Triangle and Northeastern Shan State, which borders Thailand, Laos and China. Burmese-produced Ya ba is typically trafficked to Thailand via Laos, before being transported through the northeastern Thai region of Isan.
In 2010, Burma trafficked 1 billion tablets to neighbouring Thailand. In 2009, Chinese authorities seized over 40 million tablets that had been illegally trafficked from Burma. Ethnic militias and rebel groups (in particular the United Wa State Army) are responsible for much of this production; however, the Burmese military units are believed to be heavily involved in the trafficking of the drugs.
Burma is also the 2nd largest supplier of opium (following Afghanistan) in the world, with 95% of opium grown in Shan State. Illegal narcotics have generated $1 to $2 billion USD in exports annually, with estimates of 40% of the country's foreign exchange coming from drugs. Efforts to eradicate opium cultivation have pushed many ethnic rebel groups, including the United Wa State Army and the Kokang to diversify into methamphetamine production.
Prior to the 1980s, heroin was typically transported from Burma to Thailand, before being trafficked by sea to Hong Kong, which was and still remains the major transit point at which heroin enters the international market. Now, drug trafficking has circumvented to southern China (from Yunnan, Guizhou, Guangxi, Guangdong) because of a growing market for drugs in China, before reaching Hong Kong.
The prominence of major drug traffickers have allowed them to penetrate other sectors of the Burmese economy, including the banking, airline, hotel and infrastructure industries. Their investment in infrastructure have allowed them to make more profits, facilitate drug trafficking and money laundering.
The Union of Myanmar's rulers depend on sales of precious stones such as sapphires, pearls and jade to fund their regime. Rubies are the biggest earner; 90% of the world's rubies come from the country, whose red stones are prized for their purity and hue. Thailand buys the majority of the country's gems. Burma's "Valley of Rubies", the mountainous Mogok area, 200 km (120 mi) north of Mandalay, is noted for its rare pigeon's blood rubies and blue sapphires.
Myanmar is famed for its production of Golden South Sea Pearls. In recent years, the countries has auctioned its production in Hong Kong, first organized by Belpearl company in 2013 to critical acclaim and premium prices due to strong Chinese demand. Notable pearls include the New Dawn of Myanmar, a 19mm round golden pearl which sold to an anonymous buyer for undisclosed price.
In 2007, following the crackdown on pro-democracy protests in Myanmar, human rights organisations, gem dealers, and US First Lady Laura Bush called for a boycott of a Myanmar gem auction held twice yearly, arguing that the sale of the stones profits the dictatorial regime in that country. Debbie Stothard of the Alternative ASEAN Network on Burma stated that mining operators used drugs on employees to improve productivity, with needles shared, raising the risk of HIV infection: "These rubies are red with the blood of young people." Brian Leber (41-year-old jeweller who founded The Jewellers' Burma Relief Project) stated that: "For the time being, Burmese gems should not be something to be proud of. They should be an object of revulsion. It's the only country where one obtains really top quality rubies, but I stopped dealing in them. I don't want to be part of a nation's misery. If someone asks for a ruby now I show them a nice pink sapphire."
Richard W. Hughes, author of Ruby and Sapphire, a Bangkok-based gemologist who has made many trips to Burma makes the point that for every ruby sold through the junta, another gem that supports subsistence mining is smuggled over the Thai border. Burma's gemstone industry is a cornerstone of the Burmese economy with exports topping $1 billion.
The permits for new gem mines in Mogoke, Mineshu and Nanyar state will be issued by the ministry according to a statement issued by the ministry on 11 February. While many sanctions placed on the former regime were eased or lifted in 2012, the US has left restrictions on importing rubies and jade from Myanmar intact. According to recent amendments to the new Myanmar foreign investment law, there is no longer a minimum capital requirement for investments, except in mining ventures, which require substantial proof of capital and must be documented through a domestic bank. Another important clarification in the investment law is the dropping of foreign ownership restrictions in joint ventures, except in restricted sectors, such as mining, where FDI will be capped at 80 per cent.
Since 1992, the government has encouraged tourism. Until 2008, fewer than 750,000 tourists entered the country annually, but there has been substantial growth over the past years. In 2012, 1.06 million tourists visited the country, and 1.8 million are expected to visit by the end of 2013.
Tourism is thus a growing sector of the economy of Burma. Burma has diverse and varied tourist attractions and is served internationally by numerous airlines via direct flights. Domestic and foreign airlines also operate flights within the country. Cruise ships also dock at Yangon. Overland entry with a border pass is permitted at several border checkpoints. The government requires a valid passport with an entry visa for all tourists and business people. As of May 2010, foreign business visitors from any country can apply for a visa on arrival when passing through Yangon and Mandalay international airports without having to make any prior arrangements with travel agencies. Both the tourist visa and business visa are valid for 28 days, renewable for an additional 14 days for tourism and three months for business. Seeing Burma through a personal tour guide is popular. Travelers can hire guides through travel agencies.
 Aung San Suu Kyi has requested that international tourists not visit Burma. The junta's forced labour programmes were focused around tourist destinations which have been heavily criticised for their human rights records. Even disregarding the obviously governmental fees, Burma’s Minister of Hotels and Tourism Major-General Saw Lwin recently admitted that the government receives a significant percentage of the income of private sector tourism services. Not to mention the fact that only a very small minority of impoverished ordinary people in Burma ever see any money with any relation to tourism.
Before 2012, much of the country was completely off-limits to tourists, and the military very tightly controlled interactions between foreigners and the people of Burma. Locals were not allowed to discuss politics with foreigners, under penalty of imprisonment, and in 2001, the Myanmar Tourism Promotion Board issued an order for local officials to protect tourists and limit "unnecessary contact" between foreigners and ordinary Burmese people. Since 2012, Burma has opened up to more tourism and foreign capital, synonymous with the country's transition to democracy.
|Sr. No.||Description||2006–2007 Budget Trade Volume||2006–2007 Real Trade Volume|
|Export||Import||Trade Volume||Export||Import||Trade Volume|
|No||Financial Year||Export Value||Import Value||Trade Value (US$, 000,000)|
|Year||Gross Domestic Product||US dollar exchange||Inflation index (2000=100)|
The following table shows the main economic indicators in 2004–2017.
|GDP in $
|97.56 Bln.||114.34 Bln.||133.29 Bln.||153.24 Bln.||161.87 Bln.||171.49 Bln.||182.87 Bln.||197.08 Bln.||215.42 Bln.||237.35 Bln.||260.92 Bln.||282.19 Bln.||302.57 Bln.||328.71 Bln.|
|GDP per capita in $
|13.6 %||13.6 %||13.1 %||12.0 %||3.6 %||5.1 %||5.3 %||5.6 %||7.3 %||8.4 %||8.0 %||7.0 %||5.9 %||6.7 %|
|3.8 %||10.7 %||26.3 %||30.9 %||11.5 %||2.2 %||8.2 %||2.8 %||2.8 %||5.7 %||5.1 %||10.0 %||6.8 %||5.1 %|
(Percentage of GDP)
|119 %||110 %||90 %||62 %||53 %||55 %||50 %||46 %||41 %||33 %||30 %||34 %||36 %||35 %|
Though foreign investment has been encouraged, it has so far met with only moderate success. This is because foreign investors have been adversely affected by the junta government policies and because of international pressure to boycott the junta government. The United States has placed trade sanctions on Burma. The European Union has placed embargoes on arms, non-humanitarian aid, visa bans on military regime leaders, and limited investment bans. Both the European Union and the US have placed sanctions on grounds of human rights violations in the country. Many nations in Asia, particularly India, Thailand and China have actively traded with Burma. However, on 22 April the EU suspended economic and political sanctions against Burma.
The public sector enterprises remain highly inefficient and also privatisation efforts have stalled. The estimates of Burmese foreign trade are highly ambiguous because of the great volume of black market trading. A major ongoing problem is the failure to achieve monetary and fiscal stability. Due to this, Burma remains a poor country with no improvement of living standards for the majority of the population over the past decade. The main causes for continued sluggish growth are poor government planning, internal unrest, minimal foreign investment and the large trade deficit. One of the recent government initiatives is to utilise Burma's large natural gas deposits. Currently, Burma has attracted investment from Thai, Malaysian, Filipino, Russian, Australian, Indian, and Singaporean companies. Trade with the US amounted to $243.56 million as of February 2013, accounting for 15 projects and just 0.58 per cent of the total, according to government statistics.
The Economist's special report on Burma points to increased economic activity resulting from Burma's political transformation and influx of foreign direct investment from Asian neighbours. Near the Mingaladon Industrial Park, for example, Japanese-owned factories have risen from the "debris" caused by "decades of sanctions and economic mismanagement." Japanese Prime Minister Shinzō Abe has identified Burma as economically attractive market that will help stimulate the Japanese economy. Among its various enterprises, Japan is helping build the Thilawa Port, which is part of the Thilawa Special Economic Zone, and helping fix the electricity supply in Yangon.
Japan is not the largest investor in Myanmar. "Thailand, for instance, the second biggest investor in Myanmar after China, is forging ahead with a bigger version of Thilawa at Dawei, on Myanmar's Tenasserim Coast ... Thai rulers have for centuries been toying with the idea of building a canal across the Kra Isthmus, linking the Gulf of Thailand directly to the Andaman Sea and the Indian Ocean to avoid the journey round peninsular Malaysia through the Strait of Malacca."
Dawei would give Thailand that connection. China, by far the biggest investor in Burma, has focused on constructing oil and gas pipelines that "crisscross the country, starting from a new terminus at Kyaukphyu, just below Sittwe, up to Mandalay and on to the Chinese border town of Ruili and then Kunming, the capital of Yunnan province". This would prevent China from "having to funnel oil from Africa and the Middle East through the bottleneck around Singapore".
According to the CIA World Factbook,
Burma, a resource-rich country, suffers from pervasive government controls, inefficient economic policies, and rural poverty. The junta took steps in the early 1990s to liberalize the economy after decades of failure under the "Burmese Way to Socialism," but those efforts stalled, and some of the liberalization measures were rescinded. Burma does not have monetary or fiscal stability, so the economy suffers from serious macroeconomic imbalances - including inflation, multiple official exchange rates that overvalue the Burmese kyat, and a distorted interest rate regime. Most overseas development assistance ceased after the junta began to suppress the democracy movement in 1988 and subsequently refused to honor the results of the 1990 legislative elections. In response to the government of Burma's attack in May 2003 on Aung San Suu Kyi and her convoy, the US imposed new economic sanctions against Burma - including a ban on imports of Burmese products and a ban on provision of financial services by US persons. A poor investment climate further slowed the inflow of foreign exchange. The most productive sectors will continue to be in extractive industries, especially oil and gas, mining, and timber. Other areas, such as manufacturing and services, are struggling with inadequate infrastructure, unpredictable import/export policies, deteriorating health and education systems, and corruption. A major banking crisis in 2003 shuttered the country's 20 private banks and disrupted the economy. As of December 2005, the largest private banks operate under tight restrictions limiting the private sector's access to formal credit. Official statistics are inaccurate. Published statistics on foreign trade are greatly understated because of the size of the black market and unofficial border trade – often estimated to be as large as the official economy. Burma's trade with Thailand, China, and India is rising. Though the Burmese government has good economic relations with its neighbors, better investment and business climates and an improved political situation are needed to promote foreign investment, exports, and tourism.
Financing Geothermal projects in Myanmar use an estimated break even power cost of 5.3–8.6 U.S cents/kWh or in Myanmar Kyat 53–86K per kWh. This pegs a non-fluctuating $1=1000K, which is a main concern for power project funding. The main drawback with depreciation pressures, in the current FX market. Between June 2012 and October 2015, the Myanmar Kyat depreciated by approximately 35%, from 850 down to 1300 against the US Dollar. Local businesses with foreign denominated loans from abroad suddenly found themselves rushing for a strategy to mitigate currency risks. Myanmar's current lack of available currency hedging solutions presents a real challenge for Geothermal project financing.
The level of international aid to Burma ranks amongst the lowest in the world (and the lowest in the Southeast Asian region)—Burma receives the $4 per capita in development assistance, as compared to the average of $42.30 per capita.
In April 2007, the US Government Accountability Office (GAO) identified the financial and other restrictions that the military government places on international humanitarian assistance in the Southeast Asian country. The GAO report, entitled "Assistance Programs Constrained in Burma," outlines the specific efforts of the Burmese government to hinder the humanitarian work of international organisations, including by restricting the free movement of international staff within the country. The report notes that the regime has tightened its control over assistance work since former Prime Minister Khin Nyunt was purged in October 2004.
Furthermore, the reports states that the military government passed guidelines in February 2006, which formalised Burma's restrictive policies. According to the report, the guidelines require that programs run by humanitarian groups "enhance and safeguard the national interest" and that international organisations co-ordinate with state agents and select their Burmese staff from government-prepared lists of individuals. United Nations officials have declared these restrictions unacceptable.
The shameful behavior of Burma's military regime in tying the hand of humanitarian organizations is laid out in these pages for all to see, and it must come to an end," said U.S. Representative Tom Lantos (D-CA). "In eastern Burma, where the military regime has burned or otherwise destroyed over 3,000 villages, humanitarian relief has been decimated. At least one million people have fled their homes and many are simply being left to die in the jungle."
US Representative Ileana Ros-Lehtinen (R-FL) said that the report "underscores the need for democratic change in Burma, whose military regime arbitrarily arrests, tortures, rapes and executes its own people, ruthlessly persecutes ethnic minorities, and bizarrely builds itself a new capital city while failing to address the increasingly urgent challenges of refugee flows, illicit narcotics and human trafficking, and the spread of HIV/AIDS and other communicable diseases."
Electricity - production: 5.961 billion kWh (2006 est.)
Electricity - consumption: 4.298 billion kWh (2006 est.)
Electricity - exports: 0 kWh (2007)
Electricity - imports: 0 kWh (2007)
Agriculture - products: rice, pulses, beans, sesame, groundnuts, sugarcane; hardwood; fish and fish products
Currency: 1 kyat (K) = 100 pyas
Exchange rates: kyats per US dollar - 1,205 (2008 est.), 1,296 (2007), 1,280 (2006), 5.82 (2005), 5.7459 (2004), 6.0764 (2003) note: unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar, and by year end 2005, the unofficial exchange rate was 1,075 kyat/US dollar; data shown for 2003-05 are official exchange rates
Foreign Direct Investment In the first nine months of 2012-2013, Myanmar has received investment of USD 794 million. China has biggest of investment commitments for this fiscal.
Foreign Trade Total foreign trade for 2012 was recorded to USD 13.3 billion. It was 27% of Myanmar's GDP.
The ASEAN–China Free Trade Area (ACFTA), also known as China–ASEAN Free Trade Area is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China.Agriculture in Myanmar
Agriculture in Myanmar (also known as Burma) is the main industry in the country, accounting for 60 percent of the GDP and employing some 65 percent of the labour force. Burma was once Asia's largest exporter of rice, and rice remains the country's most crucial agricultural commodity.Other main crops include pulses, beans, sesame, groundnuts, sugarcane, lumber, and fish. Moreover, livestock are raised as both a source of food and labour.Asia World
Asia World Group (Burmese: အာရှဓန ကုမ္ပဏီ) is Myanmar's largest and most diversified conglomerate, with interests in industrial development, construction, transportation, import-export, and a local supermarket chain. About half of Singapore's investment in Myanmar (totaling $1.3 billion USD in 2000) comes from Asia World affiliates.Burmese lottery
Aungbalay (Burmese: အောင်ဘာလေထီ; also spelt Aung Bar Lay, lit. "may you win") is Myanmar's official state lottery. The monthly lottery is administered by the Ministry of Finance's State Lottery Department. Lottery tickets are printed at a printing plant in Wazi, Magwe Region, at the same location where Burmese kyat notes and passports are printed.The first Burmese lottery was introduced during the Konbaung Dynasty. A national state lottery was first established in 1878 during the reign of King Thibaw Min, in an attempt to raise state revenues. The lottery was the brainchild of Pho Hlaing, who had played the French lottery in Paris. Following ongoing issues with the administration of the lottery, including conflicts of interest, decreased revenues, condemnation against gambling by Buddhist monks, the lottery was ended in 1880.The current lottery was first introduced in 1938 under British rule, and is the only legal form of gambling in the country. Revenues from lottery ticket sales generates US$28.8 million per year for the Burmese government, and over 30 million tickets are sold a month for the monthly drawing.Central Bank of Myanmar
The Central Bank of Myanmar (Burmese: မြန်မာနိုင်ငံတော်ဗဟိုဘဏ်; MLCTS: myan ma naing ngam taw ba ho bhan IPA: [mjəmà nàinŋàndɔ̀ bəhòʊbàn]; abbreviated CBM) is the central bank of Myanmar (formerly Burma).Corruption in Myanmar
Corruption in Myanmar is an extremely serious problem. Owing to failures in regulation and enforcement, corruption flourishes in every sector of government and business. Many foreign businesspeople consider corruption “a serious barrier to investment and trade in Myanmar.” A U.N. survey in May 2014 concluded that corruption is the greatest hindrance for business in Myanmar.Transparency International's 2017 Corruption Perception Index ranks the country 130th place out of 180 countries.In the Myanmar Business Survey 2014, corruption was the most frequently identified obstacle to business, especially with respect to obtaining firm registration, business licenses and permits from government authorities.It is common in Myanmar to charge illicit payments for government services, to bribe tax collectors to secure a lower tax payment, and to bribe customs officials to avoid paying customs duties.East–West Economic Corridor
The East–West Economic corridor is an economic development program initiated in order to promote development and integration of 5 Southeast Asian countries, namely: Myanmar, Thailand, Laos, Cambodia and Vietnam. The concept was agreed upon in 1998 at the Ministerial Conference of the Greater Mekong Subregion, organized in Manila, the Philippines. This corridor became operational on December 12, 2006.
The economic corridor is created based on a road of 1,450 km with the west end at port city of Mawlamyine (Myanmar), crossing Kayin Division, Thai provinces of Tak, Sukhothai, Phitsanulok, Phetchabun, Khon Kaen, Kalasin and Mukdahan and Laotian provinces of Savannakhet, Vietnamese provinces of Quảng Trị, Thừa Thiên–Huế Province and Đà Nẵng city as the east end. From Myanmar it is further connected to India via India–Myanmar–Thailand Trilateral Highway which is being upgraded, with most part already completed and remaining upgrade will be completed by 2020.
By using the East–West Economic Corridor, the travel time between Bangkok and Yangon is three days, compared with the two to three weeks needed for conventional marine transportation via the Straits of Malacca.Economic liberalization in Myanmar
The economic liberalization of Myanmar refers to the policy of liberalization orienting Myanma laws toward an open market economy. This process was initiated following the coup d’état of the Burmese junta in 1988 in order to transform the underperforming Burmese economy.Kyaukphyu Special Economic Zone
Kyaukphyu Special Economic Zone (Burmese: ကျောက်ဖြူအထူးစီးပွားရေးဇုန်; abbreviated Kyaukphyu SEZ) is a 1,600 hectares (4,000 acres) Burmese special economic zone being developed on Kyaukphyu, Ramree Island, Rakhine State. Kyaukphyu SEZ was first announced in September 2013. The project initially began as a joint venture between the Chinese and Burmese governments, but has since transitioned to private developers. Kyaukphyu SEZ will be accessible to the Shwe gas field in the Bay of Bengal. The oil and gas terminal was financed by the China National Petroleum Corporation which built two pipelines for natural gas and oil.The Myanmar press reported on the signing of an agreement between the consortium 26 May 2014 in Naypyitaw, led by CPG Consultants and PM Link, and the Kyauk Phyu Special Economic Zone Management Committee for the development of the master plan and management of the tender process for the Kyauk Phyu Economic Zone (SEZ).
The consortium comprises CPG Consultants Pte Ltd, DTZ Debenham Tie Leung (SEA) Pte Ltd, Ernst & Young Solutions LLP, Global Maritime And Port Services Pte Ltd and PM Link Pte Ltd.List of administrative divisions of Myanmar by Human Development Index
This is a list of administrative divisions of Myanmar by Human Development Index as of 2018 with data for the year 2017.Ministry of Commerce (Myanmar)
The Ministry of Commerce (MOC) is the Burmese government agency plays a vital role in transformation process of the implementation of market oriented economic system. Its Headquarters is located at Building 3 and 52, Nay Pyi Taw, in Myanmar.Motors Myanmar
Motors Myanmar is an online E-commerce platform for Automobiles and other types of vehicles. Operating in Myanmar since October 2013 under Carmudi, Motors Myanmar is connected to 220 showrooms within Yangon, in addition to having partnerships with over 95% of car dealerships in the city.Myanmar Development Resource Institute
The Myanmar Development Resource Institute (Burmese: မြန်မာ့ဖွံ့ဖြိုး တိုးတက်ရေး အရင်းအမြစ် အဖွဲ့အစည်း, abbreviated MDRI) is an independent think tank and economic and social policy research organization based in Yangon, Myanmar. MDRI consists of 3 specialized centers, namely the Centre for Economic and Social Development (CESD), Centre for Strategic and International Studies (CSIS) and the Centre for Legal Affairs.MRDI was initially proposed by Burmese economist U Myint in May 2011, in a paper entitled “Reducing Poverty in Myanmar: The Way Forward,” to combat poverty. The Institute was then founded the following year, by U Myint and other advisors to President Thein Sein.Myanmar and the World Bank
Myanmar is considered a lower-middle income state, and although there are areas in the country that are lagging there have been measurable improvements in terms of development since 2005. The World Bank's current strategy in Myanmar is to focus on rural development. Due to the conflict in the Rakhine area the World Bank Group (WBG) has increased its focus on social inclusion. Implementation of projects within Myanmar have increased access to electricity, schools, and healthcare. The current framework is laid out in the Myanmar Country Partnership Framework 2015-2019.Myanmar units of measurement
The traditional Burmese units of measurement are still in everyday use in Myanmar (also known as Burma). According to the CIA Factbook, Myanmar is one of three countries that have not adopted the International System of Units (SI) metric system as their official system of weights and measures. However, in June 2011, the Burmese government's Ministry of Commerce began discussing proposals to reform the measurement system in Burma and adopt the metric system used by most of its trading partners, and in October 2013, Dr. Pwint San, Deputy Minister for Commerce, announced that the country was preparing to adopt the metric system.Most of the nation uses Burmese units only, although Burmese government web pages in English use imperial and metric units inconsistently. For instance, the Ministry of Construction uses miles to describe the length of roads and square feet for the size of houses, but square kilometres for the total land area of new town developments in Yangon City. The Ministry of Agriculture uses acres for land areas. The Ministry of Foreign Affairs uses kilometres (with mile equivalents in parentheses) to describe the dimensions of the country.Pyidawtha Plan
The Pyidawtha Plan (Burmese: ပြည်တော်သာစီမံကိန်း) was an eight-year national economic development plan established by the Burmese government in 1952, to develop an industrialized welfare state in post-colonial Burma. The plan, commissioned under Prime Minister U Nu's leadership, was one of the first economic development plans to be adopted by a developing country in the post-war decolonization period, and served as a model for other countries. The Plan was initially estimated to cost US$1,575,000,000, with two-thirds for industrial enterprises, and the remainder to fund social services. The plan was Burma's second national development plan, the first being the 1947 Sorrento Villa Plan. The plan was halted following the 1962 Burmese coup d'état by Ne Win.
The Pyidawtha Plan made headway in infrastructure, agriculture and industry, despite failing to meet its ambitious targets because of the collapse in rice prices following the Korean War boom. Lack of state funding had stalled much of the project by 1956, as rice revenues comprised the main funding source for this plan.In August 1951, the Burmese government entered into a contract with Knappen Tippetts Abbett, an American engineering firm, along with a mining engineering firm and economic consulting firm, to develop a comprehensive, integrated program for resource development in Burma. The project was fubabced by the Technical Cooperation Administration, a precursor to the United States Agency for International Development. The 800-page report, entitled “Comprehensive Report: Economic and Engineering Development of Burma, was completed in August 1953. It focused heavily on infrastructure rehabilitation, as Burma's infrastructure had suffered extensively during World War II.The government introduced the Plan to the country during the Pyidawtha Conference, which was held from 7 to 17 August 1952. The Pyidawtha Plan consisted of 10 schemes covering 10 overarching areas:
Devolution of power to regional governments
Nationalization of arable lands
Democratic local councils
Development of frontier and undeveloped areas
RebuildingThilawa Special Economic Zone
Thilawa Special Economic Zone (Burmese: သီလဝါအထူးစီးပွားရေးဇုန်; abbreviated Thilawa SEZ) is a 2,500 hectares (6,200 acres) special economic zone being developed in Kyauktan and Thanlyin Townships, 25 kilometres (16 mi) south of Yangon city. The first phase of the SEZ is slated to complete in 2016, but was launched at the end of September 2015.The project was announced in January 2011. Thilawa SEZ is being developed by a joint venture, initially between the Japan External Trade Organization and the Union of Myanmar Federation of Chambers of Commerce and Industry. The Burmese and Japanese governments established a consortium including Japan Thilawa SEZ Company (backed by Mitsubishi, Marubeni and Sumitomo corporations), Myanmar Thilawa SEZ Holdings, Thilawa SEZ management committee and the Japan International Cooperation Agency (JICA) on 29 October 2013 to proceed with development. Construction on the $3.28 billion project began in May 2014.
The current Chairman of Thilawa Special Economic Zone's Management Committee is Winston Set Aung.Yangon River
The Yangon River (also known as the Rangoon River or Hlaing River) is formed by the confluence of the Pegu and Myitmaka Rivers in Myanmar. It is a marine estuary that runs from Yangon (also known as Rangoon) to the Gulf of Martaban of the Andaman Sea. The channel is navigable by ocean-going vessels, thus plays a critical role in the economy of Myanmar.
The Twante Canal connects the Yangon River with the Irrawaddy Delta, once known as 'the rice bowl of Asia'. It consists of 1,000 square miles (3,000 km2) of lush teak plantations and mangrove swamps, many of which have now been cleared for rice production.Yangon Stock Exchange
The Yangon Stock Exchange (Burmese: ရန်ကုန်စတော့အိတ်ချိန်း; abbreviated YSX) The stock exchange is slated to open in October 2015, at the former Central Bank of Myanmar and Myawaddy Bank headquarters in Yangon. On 23 December 2014, two Japanese firms, Daiwa Institute of Research, the research arm of Daiwa Securities Group and Japan Exchange Group, established a joint venture with the state-owned Myanma Economic Bank to establish this stock exchange. The joint venture firm, the Yangon Stock Exchange-Joint Venture Limited will have a working capital of US$31 million. The Securities and Exchange Commission has selected Kanbawza Bank to be YSX' settlement bank.