After a series of political and economic liberalization reforms from 2011 onwards, myanmar s political. Singapore, october 5, 2015 east asia remains one of the main growth drivers of the world economy, accounting for nearly twofifths of global economic growth, according to a new world bank report. Plans call for programme coverage and the number of beneficiary farmers to grow year by year. While exports will be exposed to the risk that myanmars preferential access to the european single market could be revoked in response to the rohingya crisis, they will benefit from increased trade with china. Ministry of planning and finance is a leading ministry of myanmar to generate the driving force for economic development of the country by laying down proper policies, plans and monitoring and evaluation mechanism of development projects. The myanmar economy is set for strong growth this year amid signs of overheating. A political economy analysis kristian stokke, roman vakulchuk, indra overland report commissioned by the norwegian ministry of foreign affairs. This report on myanmar1 is one of a series of country reports on cambodia, laos, myanmar and viet nam clmv that seek to present countrylevel analyses of the political economy. The economy achieved high growth, and foreign direct investment increased. Implications for myanmar global growth momentum has accelerated in recent months. Introduction in 2001 the international community set itself a target date of 2015. The history of oil exploration in the union of myanmar. Asian development bank 6 adb avenue, mandaluyong city 1550 metro manila, philippines. For the forthcoming asean economic community aec in 2015, it is found that myanmar government is undertaking serious efforts to improve the overall business environment in terms of improving.
The myanmar times why the myanmar economy is slowing, and how it could bounce back economic growth in myanmar has slowed and the countrys fiscal and current account deficits have swelled over the past 2 years under the national league for democracy government. A paper highlighting the risks and transactions costs of investing in myanmar, especially if it involves working with connected persons who have previously dominated the private sector. All suggestions for corrections of any errors about burma economy 2020 should be addressed to the cia or the source cited on each page. Pdf the political economy of myanmars transition lee. Myanmars strong macroeconomic performance since its opening has more than doubled. Macroeconomic trends in myanmar myanmar economy watch. Values are on a 1to7 scale unless otherwise annotated with an asterisk. Myanmar may for a long time remain in a transitional state with an uncertain future. Amnesty internationals 2014 2015 report pdf on myanmar discusses. The mem draws on available data reported by the government of myanmar and additional information collected as part of the world bank groups regular economic monitoring and policy dialogue. Acting as a caretake r government, the military argued that the country was lacking a constitution to transfer power. No claims are made regarding the accuracy of burma economy 2020 information contained here. Since holding elections in 2010, myanmar has transitioned from a direct military dictatorship to a formally democratic system and has embarked on a period of rapid economic reform. Descriptive report myanmar micro, small and medium.
The global competitiveness index in detail the global competitiveness report 2015 2016 271 2. It is the major trading and communication center in northern and central myanmar. Macroeconomic trends and developments1 growth performance and key drivers 1. The world economic forums travel and tourism competitive index report 2015, which scored 141 economies on the factors that enable the sustainable development of the sector, ranked myanmar 4 th below all other emerging asian countries wef, 2015.
Political economy of land governance in myanmar land governance is an inherently political economic issue. In the octoberjanuary period, the manufacturing pmi edged higher compared to the average for the prior fiscal year. Industrial policy reform in myanmar harvard university. Myanmar economy gdp, inflation, cpi and interest rate. Adb operations in myanmar address the strategic areas of infrastructure connectivity, human capital and skills development, and structural and institutional reform to improve the inclusiveness of the countrys economic growth. Myanmar government prioritizes the development of smes. In the general elections of november 2015, the national league for. Military rule has been heavily contested in the last two decades.
State economic enterprises online burmamyanmar library. Economic cooperation and development oecd, the united nations economic and social commission for asia and the pacific unescap and the union of myanmar federation of chambers of commerce and industry umfcci and the world bank myanmar enterprise survey 2014. Besides, we are overseeing economic activities of the country to response the. Agriculture is the backbone of the myanmar economy. Aug 29, 2017 myanmars economy is projected by the world bank to grow by an average of 7 percent between 2017 and 2019. Access the latest politics analysis and economic growth summary through 2011 for myanmar from the economist intelligence unit. This economy is upheld by informal elite pacts that were solidified under the military era, involving many who are members of the. Myanmars experiences with the millennium development. Jul 25, 2017 why the myanmar economy is slowing, and how it could bounce back economic growth in myanmar has slowed and the countrys fiscal and current account deficits have swelled over the past 2 years under the national league for democracy government.
Myanmar economy, politics and gdp growth summary the. The myanmar sustainable development plan msdp is the expression of our national development vision a vision that finds resonance in the global sustainable development agenda. Prospects and problems for myanmars economic growth. The myanmar economic monitor mem periodically analyzes economic. The program for economic development in myanmar final report. Mandalay investment opportunities survey 2015 study planned by mic and jica and prepared by mmrd a key points mandalay is myanmar s second largest city with a population of over 1. Myanmar has started to implement wideranging reforms with the aim of reducing poverty and increasing economic growth. During the first government consultations between myanmar. Access the latest politics analysis and economic growth summary through 2011 for myanmar from the economist intelligence unit myanmar economy, politics and gdp growth summary. As the failure of this strategy became increasingly obvious, the scope for private enterprise was enlarged in the years preceding the popular uprising. The share of growth attributable to the manufacturing sector will thus continue to increase, mainly due to external demand. The history of oil exploration in the union of myanmar scott e. Public consumption and private investment on the demand side, and.
There is no technical reason why myanmar cannot achieve a gdp growth rate of 8 percent a year or. The myanmar economy became one big state economic enterprise see in the ne win era beginning in 1962 when an extreme socialist path to development was adopted. Myanmar economy in close association with myanmar citizens and come up. Among the four subindices, myanmar performed best relative to other countries in natural. Types of country approaches to increasing user takeup. Redefining the picture of myanmars economic growth. Myanmar government prioritizes the development of smes the myanmar government is making efforts to transform the political, economic and social environment to be in line with global changes, and to promote sustainable economic growth. Myanmars key mediumterm development targets 201112 to 201516.
Economy economic indicators for myanmar gdp growth for myanmar will likely slow significantly to 4. On the back of such dynamic growth, the world bank in 2015 reclassified myanmar s economic category from. August 28, 2015 consideration of the staff report that concluded the article iv consultation with the myanmar. The national league for democracy party nld, led by daw aung san suu kyi, won a landslide victory in the 2015 democratic nationwide election, and took over the government on 1 april 2016. However, the myanmar government is implementing a compre. Introduction myanmar has lived with a centrallyplanned economy for more than a quarter of a century until her adoption of the marketoriented economic system in september 1988. Therefore, it is recommended to get well informed on the required procedures for investments, imports and exports. A key role has been assigned to the private sector, which is almost exclusively composed of small and mediumsized enterprises smes. This first ever comprehensive business survey comprises over 3000 firms from all states and regions, of various firm sizes and engaged in a range of economic activities. Feb, 2018 myanmars informal economy is one of the largest in the world. Myanmar s experiences with the millennium development goals and perspectives on the post 2015 agenda 1. The second quarter of 20 marked the first time in 30 months that the economies of the euro area, japan, and the united states all posted positive growth.
The myanmar economic monitor mem periodically analyzes economic developments, economic prospects, and policy priorities in myanmar. Understanding myanmar council on foreign relations. Myanmar reveled in its role as asean chair and host for president obamas visit. In 2018, myanmar requested the repatriation of refugees following international pressure, but no measures have been taken to guarantee their rights and security. Why the myanmar economy is slowing, and how it could. The past seven years saw tremendous economic and political transformations. The countrys informal economy is one of the largest in the. Economic reforms have supported consumer and investor confidence despite ongoing business environment and sociopolitical challenges.
China and the start of the asean economic community aec in 2015 will offer the country and its businesses new. Tough choices 1 overview we must turn to national industrialization to transform the country into a developed, rich one with a lot of em. Myanmar has one of the fastestgrowing economies in southeast asia, with average economic growth of 7. Pdf myanmar may for a long time remain in a transitional state with an uncertain future. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. Burmas business development prospects in 2015 are forecast to be mixed as the country grapples with a variety of problems ranging from domestic political uncertainty to outside economic influences beyond its control. The first half of fy 2020, which started in october, seems to have got off to a strong start. Methodological approach the design and focus of the sme survey were derived from. Myanmar s strong macroeconomic performance since its. According to the unodc 2015 southeast asia opium survey, the total area of opium poppy cultivation in myanmar was 55,500 hectares with 90% of production concentrated in shan state, and of that 50% in southern shan state. After two decades of military rule, the pace of change has startled. Access the latest politics analysis and economic growth summary through 2011 for myanmar from the economist intelligence unit myanmar economy, politics and gdp growth summary the economist intelligence unit. Growth in myanmar economy likely to moderate in 201516, says. Dec 11, 2017 but myanmar has a weak education system that is unlikely to produce welltrained graduates anytime soon.
Myanmar saw some progress in efforts at constitutional amendment and ceasefire negotiations, both pressing issues. Second, it delves into the implicit and explicit factors that drive and shape the economy of myanmar with the perspective of comparative analysis. The study of smes contribution to myanmars economic. The oecd s mediumterm growth forecasts indicate that without structural change the economy can grow at an average of 6. The eu, the united states, the united kingdom and australia have all applied economic and political sanctions. The myanmar economy at the end of the 201112 fiscal year. Export yearonyear growth decomposition, 2015161718. Myanmars halting economic steps onto the global stage. Oil reserves in 20 numbered at 50 million barrels, with a production capacity of 21,000 bbld. Currently, myanmar has myriad sectoral, ministerial and subnational plans. This includes promoting small and mediumsized enterprises smes, which play a.
Asian development outlook 2015 financing asias future growth the annual asian development outlook provides a comprehensive analysis of economic performance in the. Using 2015 16 as a new gdp base year, myanmar s economy is expected to grow at 6. At the moment, procedures are still complicated and they take a lot of time. For further details and explanation, please refer to the section how to read the country economy profiles on page 89. Consequently, agriculture, through its roles in supplying affordable food to. Myanmar had proven gas reserves of 10 trillion cubic feet in 2012, with an annual production capacity of 416 bcf. Attempts to introduce proportional representation failed in the lower house of parliament. The serice secr is he ain drier growh, execed gr by 8. Myanmars economic growth remains strong, but macroeconomic imbalances have increased significantly over the past year.
Myanmar economic growth this fiscal year, the economy is expected to grow at a broadly stable pace on the back of stronger infrastructure investment, robust manufacturing activity and greater foreign direct investment inflows, boosted by ongoing reforms. Sixtyseven percent of the population is rural, and agriculture accounts for 32% of gross domestic product gdp, 56% of employment, and 21% of exports cso 2012. After decades of authoritarianism, myanmar is emerging with new momentum for change. The staff report prepared by a staff team of the imf for the executive boards consideration on august 28, 2015, following discussions that ended on july 1, 2015, with the officials of myanmar on economic developments and policies. Learn more about the burma economy, including the population of burma, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. Since then, the state started restructuring its state economic enterprises sees under different ministries, lowering trade barriers. After decades of economic isolation, myanmar has initiated a series of gradual and radical changes of economic reforms aimed at accelerating structural change and economic development. Despite the clear results, the military refused to hand over power until 2011. This page has economic forecasts for myanmar including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the myanmar economy.
In the past year alone, foreign investments in myanmar have doubled and reached a record of usd 8 billion china has long been a key player in myanmar economy and. Khandelwaly matthieu teachoutz february 2016 1introduction myanmar is a developing country that ranks among the most dif. Genuine development will only come to myanmar if, and only if, all. At endmarch 2015, the central bank of myanmars cbm foreign reserves covered around 3 months of imports. The government, which was put in place in 2015 after myanmars first generally acknowledged democratic election since 1990, has been trying to make investment in education a priority. A comparative view is an asia paper published by the institute for. As of 2015, myanmar exports gas to thailand and china. Thats among the fastest growing economies in asia, alongside the likes of india, china and vietnam. Why the myanmar economy is slowing, and how it could bounce. The political economy of myanmars transition lee jones school of politics and international relations, queen mary, university of london, london, uk abstract since holding elections in 2010, myanmar has transitioned from a direct military dictatorship to a formally democratic system and has embarked on a period of rapid economic reform.
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