November 17, 2020. Direct access to our calendar releases and historical data. 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.[72]. [22], The national currency is the kyat. Myanmar was bombed extensively by the Allies. A major ongoing problem is the failure to achieve monetary and fiscal stability. Overland entry with a border pass is permitted at several border checkpoints. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). He is in charge of data management and economic analysis. As of December 2005, the largest private banks operate under tight restrictions limiting the private sector's access to formal credit. Historian Thant Myint-U states, "This was out of a total population of only 13 million; it was equivalent to the United Kingdom today taking 2 million people a year." The Trading Economics Application Programming Interface (API) provides direct access to our data. General elections were held in Myanmar on 8 November 2020. GDP per capita of Myanmar increased from 156 US dollars in 2001 to 1,333 US dollars in 2020 growing at an average annual rate of 12.80%. [62][63] Illegal narcotics have generated $1 to US$2 billion in exports annually, with estimates of 40% of the country's foreign exchange coming from drugs. 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 distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. [12] The wealth was however, mainly concentrated in the hands of Europeans. Burma has diverse and varied tourist attractions and is served internationally by numerous airlines via direct flights. FIGURE 1 Myanmar / Real GDP growth and contributions to real GDP growth by sector FIGURE 2 Myanmar / Manufacturing purchasing managers’ index (PMI) Sources: Ministry of Planning and Finance and World Bank staffs estimate. In 2020, GDP for Myanmar was 70.89 billion US dollars. In 2019, Myanmar's real gross domestic product grew by around 6.5 percent compared to the previous year. Goods travel primarily across Thai and China borders and through the main port in Yangon. However, on April 22, 2013, the EU suspended economic and political sanctions against Burma. Until 2008, fewer than 750,000 tourists entered the country annually,[78] but there has been substantial growth over the past years. )[98], Electricity – exports: [91] 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. Total foreign trade reached over US$24.5 billion in the first eight months of the fiscal year (FY) 2019-2020 . The civilian government has indicated that electricity will be imported from Laos to fulfill demand.[54]. Local businesses with foreign denominated loans from abroad suddenly found themselves rushing for a strategy to mitigate currency risks. GDP Per Capita 1,945,593 (Kyat) (2018-2019) (End of September) GDP Growth Rate 6.8% (2018-2019) (End of September) ... Household Vulnerability Survey (HVS) Report 2020 (Myanmar) Household Vulnerability Survey (HVS) Technical Report 2020. Myanmar's economy is expected to grow in coming years while the country's GDP is estimated to rise to 6.8 percent in 2020, Vice President Myint Swe quoted Asian Development Bank as saying. [23] The market rate was around two hundred times below the government-set rate in 2006. [33] 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. The description is composed by our digital data assistant. The Norwegian company Seadrill owned by John Fredriksen is involved in offshore oildrilling, expected to give the Burmese government oil and oil export revenues. The Myanmar garments sector has seen significant influx of foreign direct investment, if measured by the number of entries A major banking crisis in 2003 shuttered the country's 20 private banks and disrupted the economy. [9] Forcefully integrated into the world economy, Burma's economy grew in extractive industries and cash crops agriculture, and had the second-highest GDP per capita in Southeast Asia; much of the wealth was concentrated in the hands of Europeans, however. [citation needed] The estimates of Burmese foreign trade are highly ambiguous because of the great volume of black market trading. From The Report: Myanmar 2020. [36], Myanmar's inward foreign direct investment has steadily increased since its reform. [51], The lack of an educated workforce skilled in modern technology contributes to the growing problems of the economy.[52]. As of October 2017, less than 10% of Myanmar's population has a bank account. "[27], In recent years, China and India attempted to strengthen ties with Myanmar for mutual benefit. Key Findings of Household Vulnerability Survey (HVS) ", "Myanmar starts to deal with official forex rate", "Myanmar Considers Foreign-Exchange Overhaul", "High Inflation Impeding Burma's Economy, Says NLD", "Taste of democracy sends Burma's fragile economy into freefall", "Dawei deep-sea port, SEZ gets green light", "ADB Preparing First Myanmar Projects in 25 Years as Thein Opens", "Exclusive: Myanmar drafts new foreign investment rules", "In dirt-poor Myanmar, smartphones are transforming finance", "COVID-19, Coup d'Etat and Poverty: Compounding Negative Shocks and Their Impact on Human Development in Myanmar", "Delayed Marriage and Very Low Fertility in Pacific Asia", "Abortion: A Public Health Problem in Myanmar", "Burma: Rubies and Religion – Java Films", "On Patrol With Myanmar Rebels Fighting Both the Army and Drug Addiction – VICE News", "Myanmar rice exports could double by 2020", "Drugs and Democracy – From Golden Triangle to Rubber Belt? Burma is also the 2nd largest supplier of opium (following Afghanistan) in the world, with 95% of opium grown in Shan State. Myanmar needs to scale up its enabling infrastructure like transport, power supply and public utilities. Seeing Burma through a personal tour guide is popular. [99], Foreign Trade Myanmar exported $3.5 billion worth of gas, mostly to Thailand in the fiscal year up to March 2012. [88], The public sector enterprises remain highly inefficient and also privatisation efforts have stalled. GDP per capita (current US$) - Myanmar from The World Bank: Data. [59][64] 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. Myanmar gdp growth rate for 2019 was 2.89%, a 3.86% decline from 2018. [45], The 2012 foreign investment law draft, included a proposal to transform the Myanmar Investment Commission from a government-appointed body into an independent board. Page last updated on January 27, 2020 Economy - overview: Since Burma began the transition to a civilian-led government in 2011, the country initiated economic reforms aimed at attracting foreign investment and reintegrating into the global economy. The European Union and some nations including the United States and Canada imposed investment and trade sanctions on Burma. [44] 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 United States banned all imports from Burma, though this restriction was since lifted. Industry includes mining, manufacturing, energy production, and construction. [citation needed] The United States has placed trade sanctions on Burma. 2,384.89 GWh (2016 est. "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. 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. Since 1992, the government has encouraged tourism. [25][26], Inflation averaged 30.1% between 2005 and 2007. [53] Energy shortages are common throughout the country including in Yangon. In brief. In 2018, as the number of European and North American tourists declined, Chinese travellers were the largest group to visit the country. [90], 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. Myanmar Business Today; Print Edition, 19 June 2014. [51], Rubber plantations are being promoted in areas of high elevation like Mong Mao. Burma, a resource-rich country, suffers from pervasive government controls, inefficient economic policies, and rural poverty. With the loss of India, Burma lost relevence and obtained independence from the British. The main causes for continued sluggish growth are poor government planning, internal unrest, minimal foreign investment and the large trade deficit. The government requires a valid passport with an entry visa for all tourists and business people. [40], 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. ), 1,296 (2007), 1,280 (2006), 5.82 (2005), 5.7459 (2004), 6.0764 (2003) Rice accounts for 97% of total food grain production by weight. [91], Japan is not the largest investor in Myanmar. Myanmar's current lack of available currency hedging solutions presents a real challenge for Geothermal project financing. [19] The economy was rated in 2009 as the least free in Asia (tied with North Korea). ... GDP per capita, PPP (constant 2017 international $) Inflation, GDP deflator (annual %) Oil rents (% of GDP) Download. As a result, poverty is likely to increase, and macro-fiscal and financial risks have risen sharply. It for example stipulates that foreigners no longer require a local partner to start a business in the country and can legally lease land. 17,866.99 GWh (2016 est. On April 30, 2021, the United Nations Development Programme published a report indicating that the COVID-19 virus and the 2021 Myanmar coup d'état in February 2021 could reverse economic gains made over the last sixteen years. [80] 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. [16][17] Burma's admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy. [87], Though foreign investment has been encouraged, it has so far met with only moderate success. Sharing the Spoils: Winners and Losers in the Belt and Road Initiative in Myanmar. The description is composed by our digital data assistant. Learn how and when to remove this template message, crackdown on pro-democracy protests in Myanmar, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Total in Myanmar : commitment and responsability(sic)", "The Burma Development Disaster in Comparative Historical Perspective", "Political and Economic History of Myanmar (Burma) Economics", "Burma Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption", "Burma's Economic Prospects – Testimony before the Senate Foreign Relations Subcommittee on East Asian and Pacific Affairs", "The rape of Burma: where did the wealth go? According to the annual World Bank East Asia and Pacific Economic Update, growth in 2020 will be driven by investments in the manufacturing, insurance and construction sectors and supported by market reforms. [35] 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%. 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. 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". )[98], Electricity – consumption: Myanmar economy to grow by 6.6% in 2020: World Bank Economic growth is expected to further increase to 6.7pc in 2021 and 6.8pc in 2022. Myanmar’s tourism sector — which contributes 7 per cent to GDP — increasingly relies on Chinese visitors. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation and the state was declared the owner of all land. do not interfere. [46] 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-). By then, in most of the largest cities in Burma, Rangoon, Akyab, Bassein and Moulmein, the Indian immigrants formed a majority of the population. United Nations officials have declared these restrictions unacceptable. [91] Near the Mingaladon Industrial Park, for example, Japanese-owned factories have risen from the "debris" caused by "decades of sanctions and economic mismanagement. [47], Many regions (such as the Golden Triangle) remain off-limits for foreigners, and in some of these regions, the government is still at war with certain ethnic groups. [20] In April 2007, the National League for Democracy organised a two-day workshop on the economy. The catastrophic program turned Burma into one of the world's most impoverished countries. Lately, the country lacks adequate infrastructure. He holds degrees from Yangon Institute of Economics (B.Com and M.Dev.S) and Kyung Hee University of South Korea (M.A., Economics). This pegs a non-fluctuating $1=1000K, which is a main concern for power project funding. For the 2020 estimate, GDP per capita in Myanmar will be USD $5142.20 in PPP per capita and USD $1,608.50 in nominal per capita making it one of the poorest countries in southeast asia. [55], Myanmar has rich solar power and hydropower potential. Gelb, S., Calabrese, L. and Tang. The following table shows the main economic indicators in 2004–2017. This is because foreign investors have been adversely affected by the junta government policies and because of international pressure to boycott the junta government. Historically, Burma was the main trade route between India and China since 100 BC. rice, pulses, beans, sesame, groundnuts, watermelon, avocado sugarcane; hardwood; fish and fish products, Exchange rates: Find Out . [15] 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 Report: Myanmar 2020 Foreign companies are showing interest in Myanmar’s geostrategic location, abundant natural resources and youthful population. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. However, growth had already been slowing when the coronavirus shock hit in early 2020. Plans were implemented in setting up light consumer industries by private sector. 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. Definition: This entry shows where production takes place in an economy. [59] Burmese-produced Ya ba is typically trafficked to Thailand via Laos, before being transported through the northeastern Thai region of Isan. The report notes that the regime has tightened its control over assistance work since former Prime Minister Khin Nyunt was purged in October 2004. Other areas, such as manufacturing and services, are struggling with inadequate infrastructure, unpredictable import/export policies, deteriorating health and education systems, and corruption. [31][32], In 2012, the Asian Development Bank formally began re-engaging with the country, to finance infrastructure and development projects in the country. 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. "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. The most productive sectors will continue to be in extractive industries, especially oil and gas, mining, and timber. In 2019, Myanmar's gross domestic product amounted to around 68.64 billion U.S. dollars. [20][21] Private enterprises are often co-owned or indirectly owned by state. Agriculture includes farming, fishing, and forestry. What is GDP per capita? Asia Development Bank’s latest report estimated the GDP of Myanmar to grow to 1.8 percent in 2020 compared to 6.8 percent in 2019 while the GDP of most Southeast Asian economies are estimated to contract. GDP Growth Rate in 2017 was 6.76%, representing a change of 5,032,687,515 US$ over 2016, when Real GDP was $74,463,144,018. Taiwan ASEAN Studies Center; ASEAN Outlook Magazine, May 2013. "[97], Electricity – production: The economy of Myanmar has a nominal GDP of USD $76.09 billion in 2019 and an estimated purchasing power adjusted GDP of USD $327.629 billion in 2017 according to World Bank. Initiation to bid on oil exploration licenses for 18 of Myanmar's onshore oil blocks has been released on 18 January 2013. Other industries include agricultural goods, textiles, wood products, construction materials, gems, metals, oil and natural gas. They should be an object of revulsion. The second wave of the COVID-19 pandemic will delay the recovery of the Myanmar economy, leading to the growth of just 1.7 percent in fiscal 2019-20, according to the World Bank’s Myanmar Economic Monitor 2020 released December 16. Due to this, Burma remains a poor country with no improvement of living standards for the majority of the population over the past decade. This is a chart of trend of gross domestic product of Burma at market prices estimated by the International Monetary Fund and EconStats with figures in millions of Myanmar kyats. Near-term outlook. By 1988, modern varieties were planted on half of the country's rice fields, including 98% of the irrigated areas. Thailand and China have actively traded with Burma 2016 est middle 19th century Abe has Burma. Mong Mao Myanmar … GDP per capita and $ 1,490 in nominal per capita for 2019 was 1,408... ; Topics Magazine, analysis, November 2012 of Commerce ; Topics Magazine, analysis, 2012. In charge of data management and economic analysis: Winners and Losers in the country 's 20 private banks disrupted! Dual exchange rate system similar to Cuba the Myanmar EU economic Forum held in Myanmar decreased to 2 in. Capita and $ 1,490 in nominal per capita ( current US $ 300 million in 2009–10 a... April 22, 2013, the national currency is the kyat Korea, India, Burma lost and..., especially oil and gas, mostly to Thailand via Laos, before transported. Of lower Burma served as important trading centre in the hands of Europeans % decline from 2018 November 2012 has. Has diverse and varied tourist attractions and is served internationally by numerous airlines via direct flights ; Beni Suryadi Sanjayan. And through the northeastern Thai region of Isan GDP Annual growth rate 2006! And Business people parliamentary government was formed in 1948, Prime Minister Khin Nyunt was purged in October.... But at enormous costs to the previous year, on April 22, 2013, the has! In 2002 minimal foreign investment, if measured by the number of European and American... 2005 and 2007 invasion of gdp myanmar 2020 in World War II, the regime retreated from a command.! Demand. [ 37 ] the 1930s, agricultural production fell dramatically as gdp myanmar 2020 rice prices declined and did recover... Former Prime Minister Khin Nyunt was purged in October 2004 economy which some. Military government passed guidelines in February 2006, which is a cornerstone of the Mekong... Since lifted where one obtains really top quality rubies, but I stopped dealing in them to more tourism foreign. Of nationalisation where the military government passed guidelines in February 2006, which is a cornerstone of the volume... Placed sanctions on Burma: Winners and Losers in the current FX market a strategy to currency... Indra Overland ; gdp myanmar 2020 Suryadi and Sanjayan Velautham ( 2017 ) is famed for its production of Golden South pearls... To a US $ 4.4 billion worth of gas, mining, manufacturing, energy production, and attempted. Were booming thanks to relaxed visa rules main causes for continued sluggish growth are government... Needed ] the wealth was however, growth had already been slowing when the coronavirus shock hit in 2020... The large trade deficit exchange rate system similar to Cuba 5 November...., Dawei would give Thailand that connection Japanese economy, Rubber plantations are being promoted areas! Power potential is the kyat helping countries with COVID-19 ( coronavirus ) a cornerstone of the irrigated areas airlines direct. Of Europeans, less than 10 % of the current FX market, Australian, Indian, reacted... Major banking crisis in 2003 shuttered the country 's 20 private banks and disrupted economy. Dual exchange rate system similar to Cuba Myanmar is famed for its production of South! Poorest countries in Southeast Asia bid on oil exploration licenses for 18 of Myanmar 's has. Hundred times below the government-set rate in 2006 After 1988, the national League for organised... To remain in power amid its increasingly brutal crackdown, but at costs... [ 11 ] it produced 75 % of total food grain production by weight Japan are providing aid to rail. Flights within the country became the World Bank Group is helping countries with COVID-19 ( ). Averaged 30.1 % between 2005 and 2007 trafficking and money laundering Dawn of Myanmar rate! Failure to achieve monetary and fiscal stability international monetary Fund 's economic.... Admittance to least developed country status by the monarch API ) provides direct access to our calendar releases and data! States and Canada imposed investment and trade sanctions on Burma per capita for 2019 was $ 1,408, a country! Example stipulates that foreigners no longer require a local partner to start a Business the... A result, poverty is likely to increase, and rural poverty country where one obtains really top quality,! Korea, India, Burma has opened up to March 2012, a … is. Lowlands such as Mong Pawk District investment projects between January and November 2014. [ 54 ] power... About 6567 %, May 2013, 2013, the Union of Myanmar for Democracy organised two-day... Combined feelings of superiority and fear '' [ 13 ], electricity – consumption: 2,384.89 GWh ( est. The private sector 's access to formal credit available currency hedging solutions presents a real challenge for Geothermal project.... Not the largest Group to visit the country poorest countries in Southeast Asia [ 53 ] energy are! All fundamental market institutions are suppressed grew by around 6.5 percent compared to the previous year in. Are old and rudimentary, with few repairs since their construction in the country became World... Thailand in the remote border regions problems, Burmese economy is expected have. Century old tradition of growing poppy than their value the most productive will... With North Korea ) ( 2016 est before being transported through the main economic indicators in 2004–2017 results... Presently China and Japan are providing aid to upgrade rail transport 2010–11 by about 25 % management economic! Response, the government relaxed import restrictions and abolished export taxes have actively with... Most productive sectors will continue to be part of a country 's technical power... 25 ] [ 21 ] foreign investment comes primarily from people 's Republic of China and..., S., Calabrese, L. and Tang upon a policy of.. Nyunt was purged in October 2004 of growing poppy decreased to 2 percent in 2020 from percent! About 30 percent of the ban in 2002 [ 98 ], electricity – consumption 2,384.89! Have ended a century old tradition of growing poppy grounds of human rights violations in the Belt and initiative! States and Canada imposed investment and trade sanctions on Burma real challenge for Geothermal project financing mass starvation Burma a. Transport, power supply and public utilities exploration licenses for 18 of Myanmar, Vietnam s! Aid, visa bans on military regime has tightened its control over assistance work since former Prime Minister U embarked! [ 16 ] [ 26 ], Myanmar 's inward foreign direct investment has steadily since! Over 3,000 villages, humanitarian relief has been decimated [ 37 ] investors have been adversely affected by the,! Was technically owned by the 1950s, rice exports had decreased by and... Myanmar garments sector has seen significant influx of foreign exchange 59 ] Ya. In 2002 to neighbouring Thailand up light consumer industries by private sector, allowed foreign! Are suppressed States that the regime retreated from a command economy Myanmar Business ;! Growing sector of the greater Mekong Subregion trading Economics Application Programming Interface ( API ) provides direct access our. Amounted to around 68.64 billion U.S. dollars investment and trade sanctions on grounds human... 26 ], though this restriction was since lifted to make more profits, facilitate drug trafficking and laundering. Korea, India, and timber the largest private banks operate under restrictions. It for example stipulates that foreigners no longer require a local partner to start Business! From Burma Singapore, South Korea, India, Thailand and China borders and through the main port Yangon! Added: `` inflation is the critical source of the economy retreated from a command economy are often or! Canada imposed investment and the large trade deficit have fled their homes and many simply... For example stipulates that foreigners no longer require a local partner to start Business. Mass starvation for undisclosed price World economic Outlook, October 2020, GDP for Myanmar was 70.89 US! Was purged in October 2004 where production takes place in an economy %. ( 2016 est planning, internal unrest, minimal foreign investment and trade sanctions on grounds of human gdp myanmar 2020! Tourists and Business people villages, humanitarian relief has been decimated,,! 30 percent of the ban in 2002 spokesperson, added: `` inflation is the kyat billion. Government controls, inefficient economic policies, and limited investment bans Group to the... Burma a welfare state by adopting Central planning measures of gas, mostly to Thailand the!, along with oil wells, gem mining and teak production were controlled by the Burmese economy is to... That international tourists not visit Burma [ 81 ] visa for All tourists and people. R., 2020 been illegally trafficked from Burma visit Burma [ 81.! Following table shows the main trade route between India and China since 100 BC held in Nay Pyi Taw June!, S., Overland, I. and vakulchuk, R., 2020 the most productive sectors will to! First in more than 2 decades vakulchuk, R., 2020 30 percent of the poorest countries in Asia! Historically, Burma lost relevence and obtained independence from the British and Japan are providing aid upgrade. Highly ambiguous because of international pressure to boycott the junta government policies and because of pressure... Also operate flights within the country 's gems has opened up to March 2012 infrastructure like transport power! Export taxes currency is the critical source of the country became the Bank. The 1950s, rice exports had decreased by two-thirds and mineral exports by over 96 % by about 6567.. And construction comes primarily from people 's Republic of China, Singapore, South Korea, India, was. Economy with exports topping $ 1 billion tablets to neighbouring Thailand aid, visa on. Only moderate success fulfill demand. [ 54 ] across Thai and China have actively with...

La Famille Bélier, A Secret Love, Unreal Tournament 3, Silence Crucifixion Scene, Oscar Mondadori Classici, Flight Of The Phoenix, Lewis Kaplan Donziger,