Myanmar

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Myanmar - In Short.

Overview of Myanmar

Burma, colonized by Britain in the 19th century and granted independence post-World War II, contains scores of ethnic Burman and ethnic minority groups that have resisted external efforts to consolidate control of the country throughout its history, extending to the several minority groups today that possess independent fighting forces and control pockets of territory. Burman and armed ethnic minorities fought off-and-on until military Gen. NE WIN seized power in 1962. He ruled Burma until 1988 when a military junta took control. In 1990, the junta permitted an election but then rejected the results when the main opposition National League for Democracy (NLD) and its leader AUNG SAN SUU KYI won in a landslide. The junta placed AUNG SAN SUU KYI under house arrest for much of the next 20 years, until November 2010. In 2007, rising fuel prices in Burma led prodemocracy activists and Buddhist monks to launch a “Saffron Revolution” consisting of large protests against the ruling junta, which violently suppressed the movement by killing an unknown number of participants and arresting thousands. The regime prevented new elections until it had drafted a constitution designed to preserve its control; it passed the new constitution in its 2008 referendum, days after Cyclone Nargis killed at least 138,000. The junta conducted an election in 2010, but the NLD boycotted the vote, and the military’s Union Solidarity and Development Party easily won; international observers denounced the election as flawed.With former or current military officers installed in its most senior positions, Burma began a halting process of political and economic reforms. Officials freed prisoners, brokered minority group cease fires, amended courts, expanded liberties, brought AUNG SAN SUU KYI into government in 2012, and permitted the NLD in 2015 to sweep into power. However, Burma’s first credibly elected civilian government, with AUNG SAN SUU KYI as the de facto head of state, faced strong headwinds after five decades of military dictatorship. The NLD government drew international criticism for blocking investigations of Burma’s military for operations, which the US Department of State determined constituted ethnic cleansing, on its Rohingya population that killed thousands and forced more than 740,000 Rohingya to flee into neighboring Bangladesh. The military did not support an NLD pledge in 2019 to examine reforming the military’s 2008 constitution. When the 2020 elections resulted in further NLD gains, the military denounced them as fraudulent. This challenge led Commander-in-Chief Sr. General MIN AUNG HLAING to launch a coup in February 2021 that has left Burma reeling with the return to authoritarian rule, the detention of AUNG SAN SUU KYI, and a renewal of the brutal repression of protestors, widespread violence, and economic decline.
Value
Country Full Name
Myanmar
Country Code
MMR
Region
East Asia & Pacific
Income Group
Lower middle income
Currency Unit
GDP
79852046611
Population
54409794
Land Area
652790
Net National Income Per Capita
1299.772918
GDP per Capita (PPP)
5123.825603

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Myanmar - Economic

Economy of Myanmar

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. Burma established a managed float of the Burmese kyat in 2012, granted the Central Bank operational independence in July 2013, enacted a new anti-corruption law in September 2013, and granted licenses to 13 foreign banks in 2014-16. State Counsellor AUNG SAN SUU KYI and the ruling National League for Democracy, who took power in March 2016, have sought to improve Burma’s investment climate following the US sanctions lift in October 2016 and reinstatement of Generalized System of Preferences trade benefits in November 2016. In October 2016, Burma passed a foreign investment law that consolidates investment regulations and eases rules on foreign ownership of businesses. Burma’s economic growth rate recovered from a low growth under 6% in 2011 but has been volatile between 6% and 8% between 2014 and 2018. Burma’s abundant natural resources and young labor force have the potential to attract foreign investment in the energy, garment, information technology, and food and beverage sectors. The government is focusing on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and developing transportation and electricity infrastructure. The government has also taken steps to improve transparency in the mining and oil sectors through publication of reports under the Extractive Industries Transparency Initiative (EITI) in 2016 and 2018. Despite these improvements, living standards have not improved for the majority of the people residing in rural areas. Burma remains one of the poorest countries in Asia – approximately 26% of the country’s 51 million people live in poverty. The isolationist policies and economic mismanagement of previous governments have left Burma with poor infrastructure, endemic corruption, underdeveloped human resources, and inadequate access to capital, which will require a major commitment to reverse. The Burmese Government has been slow to address impediments to economic development such as unclear land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system.

Unemployment Rate

Inflation Rate

Myanmar - GDP Composition

GDP Composiiton & Value Added of Myanmar

Last Updated: Jan, 2021, Updated For 2020.

Myanmar - GDP, Value Added

Demographics of Myanmar

population concentrated along coastal areas and in general proximity to the shores of the Irrawaddy River; the extreme north is relatively underpopulated
Geographic Location

Southeastern Asia, bordering the Andaman Sea and the Bay of Bengal, between Bangladesh and Thailand

Races

Burman (Bamar) 68%, Shan 9%, Karen 7%, Rakhine 4%, Chinese 3%, Indian 2%, Mon 2%, other 5%note: government recognizes 135 indigenous ethnic groups

Languages

Burmese (official)major-language

Religion

Buddhist 87.9%, Christian 6.2%, Muslim 4.3%, Animist 0.8%, Hindu 0.5%, other 0.2%, none 0.1% (2014 est.)note: religion estimate is based on the 2014 national census, including an estimate for the non-enumerated population of Rakhine State, which is assumed to mainly affiliate with the Islamic faith; as of December 2019, Muslims probably make up less than 3% of Burma's total population due to the large outmigration of the Rohingya population since 2017

Dependency & Expectancy of Myanmar

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

See Other Countrie Data

We work with data offices across the world to supply you with comprehensive data across internet usage, economic, policy, trade, and digital channels from 216 countries.

Myanmar - Social Media Briefing

Myanmar - Social Media & Social Commerce

No data was found
No data was found
No data was found
No data was found
No data was found
No data was found

Politics & Policies of Myanmar

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, ARF, ASEAN, BIMSTEC, CP, EAS, EITI (candidate country), FAO, G-77, IAEA, IBRD, ICAO, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITU, ITUC (NGOs), NAM, OPCW (signatory), SAARC (observer), UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Myanmar

Export of Myanmar

Import Destination

Export Destination