Myanmar Economy OverviewThe Myanmar Economy Overview
Myanmar Economy 2018, CIA World Factbook
Business - Overview: From the beginning of the changeover to a civil governed state in 2011, the state has embarked on a process of structural reform to attract and reintegrate FDI into the world economy. In 2012, Burma set up an administered floating of Burma's Khat, in July 2013 gave the central bank operating autonomy, in September 2013 passed a new anti-corruption bill and in 2014 licensed nine non-Burma financial institutions and four more in 2016.
Council of State AUNG SAN SUU KYI and the National League for Democracy, which took over in March 2016, are trying to change the investmentclimate in Burma after US sanctioning was lifted in October 2016 and the Generalized System of Preferences was reintroduced in November 2016. Burma adopted a reformed FDI bill in October 2016 that consolidated capital expenditure requirements and simplified the licensing procedure, and in 2017 a Business Simplification Act. Burma's economy grew from a low 6% in 2011, but has been subject to volatility of between 6% and 7.2% in recent years.
Burma's rich biodiversity and young workforce have the capacity to draw in attracting FDI in the areas of power, clothing, information technologies and foods and beverages. Myanmar continues to be one of the impoverished nations in Asia - around 26% of the 51 million population lives in extreme poverty. 24% of the population lives in the poor.
Burma has been abandoned by the insulationist policy and maladministration of former government economies, with bad infrastructures, indigenous bribery, undeveloped personnel and insufficient availability of funds, requiring a great obligation to turn back. There has been a gradual response by the government of Burma to obstacles to the country's economy, such as ambiguous property laws, a restricted system of trading licences, an obscure system of collecting revenues and an outdated system of banks.
BIP (official currency rate): GNP - actualgrowthrate: GDP: Industry output is growing: Jobless rate: Monthly average annual average price: Federal Reserve Interest Rate: Key interest of the merchant bank: Currency and Goldreserves: Currency translation rates: NOTICE: 1) The information about Burma on this page has been re-published from the 2018 World Fact Book of the United States CIA.
There are no demands regarding the correctness of the information of the Burma Economy 2018 included here. Any proposals to correct mistakes regarding Burma Economy 2018 should be made to the CIA.