Myanmar, also known as Burma, has been in the news a lot lately. For years, the country was under military rule, but now it is transitioning to a democracy. This means that Myanmar is open for business and its economy is rapidly growing. In this article, we will take a look at some of the reasons why Myanmar’s future is looking bright.
Myanmar’s Economic Structure
Myanmar, also known as Burma, is located in Southeast Asia and shares borders with India, Bangladesh, Thailand, Laos, and China. The country has a population of over 54 million people and a GDP of $62.6 billion. Myanmar is a resource-rich country with deposits of oil, gas, timber, minerals, and gemstones. The country also has a large agricultural sector and is the world’s second-largest producer of rice.
Myanmar’s economy has been growing rapidly in recent years, driven by foreign investment and domestic consumption. GDP growth was 7.5% in 2017 and is expected to remain strong in the coming years. Inflation has been low and stable, averaging 3.5% over the past decade. Foreign direct investment (FDI) into Myanmar totaled $3.4 billion in 2017, up from just $300 million in 2010.
The Myanmar government has been working to improve the business environment and attract more foreign investment. In 2018, Myanmar joined the World Trade Organization (WTO) and enacted a new Foreign Investment Law that offers tax holidays and other incentives to investors. These reforms have helped to boost confidence in Myanmar’s economic future and attract more businesses to the country.
The Country’s Economic History
Myanmar, also known as Burma, has a long and complex economic history. The country was once a prosperous trading nation, but political instability and military rule has led to decades of economic decline. However, there are signs that Myanmar’s economy is beginning to recover. In recent years, the government has implemented reforms to attract foreign investment and boost economic growth. As a result, Myanmar’s economy is expected to continue growing in the coming years. Here’s what you need to know about Myanmar’s economic history.
Myanmar’s Major Industries
Myanmar, also known as Burma, is a country located in Southeast Asia. The country has a population of over 53 million people and an area of 676,578 square kilometers. Myanmar is bordered by Bangladesh, India, China, Laos, and Thailand. The capital and largest city is Naypyidaw.
Myanmar has a number of natural resources including petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, marble, limestone, precious stones, natural gas, and hydropower. The country also has arable land and water resources. Agriculture is the mainstay of the economy accounting for 62% of GDP and employing 80% of the labor force.
The manufacturing sector accounts for 10% of GDP while the service sector accounts for 28%. Tourism is a growing industry with potential to become a major contributor to the economy.
The government has been pursuing economic reforms since 2011 and these have started to bear fruit with GDP growth averaging 7% per year between 2012 and 2017. Inflation has been brought under control and foreign investment is starting to flow into the country.
There are challenges ahead but Myanmar’s economic future is promising.