gdp myanmar 2020

[36], Myanmar's inward foreign direct investment has steadily increased since its reform. [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 Business Today; Print Edition, 27 February 2014. It permitted modest expansion of the private sector, allowed some foreign investment, and received much needed foreign exchange. [citation needed] The estimates of Burmese foreign trade are highly ambiguous because of the great volume of black market trading. In 2019, Myanmar's real gross domestic product grew by around 6.5 percent compared to the previous year. [61] Ethnic militias and rebel groups (in particular the United Wa State Army) are responsible for much of this production; however, the Burmese military units are believed to be heavily involved in the trafficking of the drugs.[59]. This law oversees the unprecedented liberalisation of the economy. Despite current currency problems, Burmese economy is expected to grow by about 8.8% in 2011. Since 1992, the government has encouraged tourism. GDP in Myanmar is expected to reach 75.50 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. Highways are normally paved, except in the remote border regions. The economy saw continuous real GDP growth of at least 5% since 2009. Financing geothermal projects in Myanmar use an estimated break even power cost of 5.3–8.6 U.S cents/kWh or in Myanmar Kyat 53–86K per kWh. 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. $) Nominal PPP; 2020: 70.89: 275.51: 2021: 77.17: 297.52: 2022: 84.43: 321.66: 2023: 92.23: 348.39: 2024: 100.77: 377.99: 2025: 110.14: 410.45 Even disregarding the obviously governmental fees, Burma's Minister of Hotels and Tourism Major-General Saw Lwin admitted that the government receives a significant percentage of the income of private sector tourism services. [49] In 2011, Myanmar's total milled rice production accounted for 10.60 million tons, an increase from the 1.8 per cent back in 2010. The European Union and some nations including the United States and Canada imposed investment and trade sanctions on Burma. Taiwan ASEAN Studies Center; ASEAN Outlook Magazine, May 2013. GDP Annual Growth Rate in Myanmar averaged 8.32 percent from 1994 until 2020, reaching an all time high of 13.84 percent in 2003 and a record low of 2 percent in 2020. In March 2012, six of Thailand's largest garment manufacturers announced that they would move production to Burma, principally to the Yangon area, citing lower labour costs. [58] In mid-2015, about 55% of officially registered garment firms in Myanmar were known to be fully or partly foreign-owned, with about 25% of the foreign firms from China and 17% from Hong Kong. [16][17] Burma's admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy. Sugar plantations are grown in the lowlands such as Mong Pawk District. This is because foreign investors have been adversely affected by the junta government policies and because of international pressure to boycott the junta government. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Data cited at: World Economic Outlook, October 2020, The International Monetary Fund. 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. [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. [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%. [14], After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation. This is down from growth of 6.8pc in fiscal 2018-19, mainly due to a contraction in manufacturing […] [100], Post-independence and under Ne Win (1948–1988), CS1 maint: DOI inactive as of January 2021 (, Stokke, Kristian; Vakulchuk, Roman and Indra Overland (2018). Global growth is projected at −4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. X. GDP is an important indicator of a country's economic power. [88], The public sector enterprises remain highly inefficient and also privatisation efforts have stalled. [53] Energy shortages are common throughout the country including in Yangon. 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%. [citation needed] The United States has placed trade sanctions on Burma. Myanmar is now in turmoil after the military staged a coup against the ruling National League for Democracy (NLD) and detained its leader, Aung San Suu Kyi, over unsubstantiated allegations of electoral fraud. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). ", "Government sets new daily minimum wage at K4800", "Six top garment makers fleeing to low-wage Burma", "Myanmar's drug 'exports' to China test ties", "MYANMAR: Producing drugs for the region, fuelling addiction at home", "The Chinese Connection: Cross-border Drug Trafficking between Myanmar and China", "Oil and gas ranks second largest FDI at $3.24 billion", Gems of Burma and their Environmental Impact, "CBC – Gem dealers push to ban Burmese rubies after bloody crackdown", "Myanmar's Jade Millionaires Fuel Property Surge: Southeast Asia", The Tourism Campaign – Campaigns – The Burma Campaign UK, World Bank Group. More specifically, infrastructural development in Myanmar should address three major challenges over the upcoming years: 1) Road modernization and integration with neighboring roads and transportation networks; 2) Development of regional airports and expansion of existing airport capacity, and 3) Maintenance and consolidation of urban transport infrastructure, through instalments of innovative transportation tools including but not limited to water-taxis and air-conditioned buses. ), 1,296 (2007), 1,280 (2006), 5.82 (2005), 5.7459 (2004), 6.0764 (2003) Due to this, Burma remains a poor country with no improvement of living standards for the majority of the population over the past decade. The revision reflects better-thananticipated second quarter GDP outturns, mostly in advanced economies, … [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. [20] In April 2007, the National League for Democracy organised a two-day workshop on the economy. [7] Burma was vitally involved in the Indian Ocean trade. [28], In 2011, when new President Thein Sein's government came to power, Burma embarked on a major policy of reforms including anti-corruption, currency exchange rate regulation, foreign investment laws and taxation. The GAO report, entitled "Assistance Programs Constrained in Burma," outlines the specific efforts of the Burmese government to hinder the humanitarian work of international organisations, including by restricting the free movement of international staff within the country. The United States banned all imports from Burma, though this restriction was since lifted. [6] Burma also lacked a formal monetary system until the reign of King Mindon Min in the middle 19th century. Direct access to our calendar releases and historical data. Aung San Suu Kyi has requested that international tourists not visit Burma [81] . Between 20,000 and 30,000 ex-poppyfarmers left the Kokang region as a result of the ban in 2002. Myanmar Economic Monitor May 2018, "Report for Selected Countries and Subjects", "End of EU sanctions augurs Myanmar rush", "Geopolitical consequences: Rite of passage", "How Myanmar can Hedge Foreign Loans for Geothermal Projects to Mitigate Kyat Devaluation Risks", "Australia's aid to Burma—Frequently Asked Questions (FAQs)", "Singapore tops source of FDIs in Myanmar in 2020-2021FY", "Myanmar's foreign trade reaches over 24 bln USD in 8 months", Geothermal Energy in Myanmar, Securing Electricity for Eastern Border Development, Myanmar’s Institutional Infrastructure Constraints and How to Fill the Gaps, A Roadmap to Building Myanmar into the Food Basket of Asia, Myanmar: Southeast Asia's Last Frontier for Investment, Myanmar’s Overlooked Industry Opportunities and Investment Climate, Google Earth Map of oil and gas infrastructure in Myanmar, News, information, journals, magazines related to Burmese business and commerce, World Bank Summary Trade Statistics Myanmar, https://en.wikipedia.org/w/index.php?title=Economy_of_Myanmar&oldid=1023705965, World Trade Organization member economies, Articles with dead external links from August 2019, Articles with permanently dead external links, Articles with dead external links from July 2018, CS1 maint: DOI inactive as of January 2021, Articles needing additional references from May 2021, All articles needing additional references, Articles with unsourced statements from February 2007, Creative Commons Attribution-ShareAlike License. The Vice President delivered an opening speech at the Myanmar EU Economic Forum held in Nay Pyi Taw on June 5. [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. In 2007, following the crackdown on pro-democracy protests in Myanmar, human rights organisations, gem dealers, and US First Lady Laura Bush called for a boycott of a Myanmar gem auction held twice yearly, arguing that the sale of the stones profited the dictatorial regime in that country. [50], In northern Burma opium bans have ended a century old tradition of growing poppy. Find Out . [24] The dual exchange rate system allows for the government and state-owned enterprises to divert funds and revenues, but also gives the government more control over the local economy and temporarily subdue inflation. Myanmar exported $3.5 billion worth of gas, mostly to Thailand in the fiscal year up to March 2012. Myanmar … Total foreign trade reached over US$24.5 billion in the first eight months of the fiscal year (FY) 2019-2020 . Myanmar needs to scale up its enabling infrastructure like transport, power supply and public utilities. 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. General elections were held in Myanmar on 8 November 2020. 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. YANGON — Although Myanmar’s GDP growth has fallen to 1.8 percent due to the effects of COVID-19, the Asian Development Bank (ADB) … The Trading Economics Application Programming Interface (API) provides direct access to our data. Up until the outbreak of COVID-19, arrivals from China were booming thanks to relaxed visa rules. The private sector dominates in agriculture, light industry, and transport activities, while the government controls energy, heavy industry, and military industries. Though the Burmese government has good economic relations with its neighbors, better investment and business climates and an improved political situation are needed to promote foreign investment, exports, and tourism. The Norwegian company Seadrill owned by John Fredriksen is involved in offshore oildrilling, expected to give the Burmese government oil and oil export revenues. According to recent amendments to the new Myanmar foreign investment law, there is no longer a minimum capital requirement for investments, except in mining ventures, which require substantial proof of capital and must be documented through a domestic bank. [12] The wealth was however, mainly concentrated in the hands of Europeans. From The Report: Myanmar 2020. Gelb, S., Calabrese, L. and Tang. The government tried to implement an eight-year plan partly financed by injecting money into the economy which caused some inflation. [22], The national currency is the kyat. In 2012, 1.06 million tourists visited the country,[79] and 1.8 million are expected to visit by the end of 2013. Download historical data for 20 million indicators using your browser. Official statistics are inaccurate. In response, the government relaxed import restrictions and abolished export taxes. 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? Since 2012, Burma has opened up to more tourism and foreign capital, synonymous with the country's transition to democracy. Another important clarification in the investment law is the dropping of foreign ownership restrictions in joint ventures, except in restricted sectors, such as mining, where FDI will be capped at 80 per cent.[77]. In April 2007, the US Government Accountability Office (GAO) identified the financial and other restrictions that the military government places on international humanitarian assistance in the Southeast Asian country. Tourism is a growing sector of the economy of Burma. [71], The Union of Myanmar's economy depends heavily on sales of precious stones such as sapphires, pearls and jade. [42][43], Burma also has a low fertility rate, of 2.07 children per woman (2010), especially as compared to other Southeast Asian countries of similar economic standing, like Cambodia (3.18) and Laos (4.41), representing a significant decline from 4.7 in 1983, despite the absence of a national population policy. "[27], In recent years, China and India attempted to strengthen ties with Myanmar for mutual benefit. The Myanmar garments sector has seen significant influx of foreign direct investment, if measured by the number of entries Myanmar. [53] Presently China and Japan are providing aid to upgrade rail transport. Hong Kong stood as the second-largest investors with an estimated capital of US$1.42 billion from 46 enterprises, followed by Japan investing $760 million in Myanmar. A major banking crisis in 2003 shuttered the country's 20 private banks and disrupted the economy. Thailand buys the majority of the country's gems. This pegs a non-fluctuating $1=1000K, which is a main concern for power project funding. Between June 2012 and October 2015, the Myanmar Kyat depreciated by approximately 35%, from 850 down to 1300 against the US Dollar. Brian Leber (41-year-old jeweller who founded The Jewellers' Burma Relief Project) stated that: "For the time being, Burmese gems should not be something to be proud of. As of October 2017, less than 10% of Myanmar's population has a bank account. It for example stipulates that foreigners no longer require a local partner to start a business in the country and can legally lease land. After activity took a likely severe hit in H1 amid the health crisis, the economic panorama remains bleak in H2, particularly in Q4, amid soaring Covid-19 infections. Myanmar is now one of the fastest-growing economies in Asia Pacific, with a key geostrategic location, abundant natural resources and a youthful population underpinning its progress. [82], Before 2012, much of the country was completely off-limits to tourists, and the military tightly controlled interactions between foreigners and the people of Burma. Lately, the country lacks adequate infrastructure. "[91], Dawei would give Thailand that connection. A frontier economy, Myanmar experienced rapid growth as it opened up in the 2000s, with GDP growth rates among the highest in Asia. Data are in current U.S. dollars. Other areas, such as manufacturing and services, are struggling with inadequate infrastructure, unpredictable import/export policies, deteriorating health and education systems, and corruption. [13], During the Japanese invasion of Burma in World War II, the British followed a scorched earth policy. Rubies are the biggest earner; 90% of the world's rubies come from the country, whose red stones are prized for their purity and hue. Industry includes mining, manufacturing, energy production, and construction. Burma does not have monetary or fiscal stability, so the economy suffers from serious macroeconomic imbalances – including inflation, multiple official exchange rates that overvalue the Burmese kyat, and a distorted interest rate regime. [21] Foreign investment comes primarily from People's Republic of China, Singapore, South Korea, India, and Thailand. Published statistics on foreign trade are greatly understated because of the size of the black market and unofficial border trade – often estimated to be as large as the official economy. About 30 percent of the country's population is without electricity, with 70 per cent of people living in rural areas. September 2020. CSV XML EXCEL. [35], On 28 January 2013, the government of Myanmar announced deals with international lenders to cancel or refinance nearly $6 billion of its debt, almost 60 per cent of what it owes to foreign lenders. GDP Growth Rate in 2017 was 6.76%, representing a change of 5,032,687,515 US$ over 2016, when Real GDP was $74,463,144,018. [18], After 1988, the regime retreated from a command economy. As of December 2005, the largest private banks operate under tight restrictions limiting the private sector's access to formal credit. The proposed reforms drafted by experts and senior officials n't want to be part a! Are poor government planning, internal unrest, minimal foreign investment, and rural.... Because of the poorest countries in Southeast Asia, analysis, November 2012 and rudimentary, with 70 cent! To mitigate currency risks for continued sluggish growth are poor government planning, internal unrest, minimal investment. 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