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| Home » Myanmar Facts » Myanmar Economy
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| DESTINATION MYANMAR |
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| To help you plan a holiday in Myanmar, we provide the complete travel fact resource. Whether you are looking for geography, climate, government, economy, people , religion, language , literature, custom, festivals, costumes, music, handicrafts or architecture of Myanmar. You will get all and more by clicking the sections below. |
| MYANMAR FACT INDEX |
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Myanmar is one of the poorest nations in the world, suffering from decades of stagnation, mismanagement, and isolation. Myanmar’s GDP grows only 2.9% annually -- the lowest rate of economic growth in the Greater Mekong Subregion .
After a parliamentary government was formed in 1948, Prime Minister U Nu attempted to make Burma a welfare state. His administration adopted the Two-Year Economic Development Plan, which was a failure. The 1962 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. In 1989, the Burmese government began decentralising economic control. It has since liberalised certain sectors of the economy. Lucrative industries of gems, oil and forestry remain heavily regulated. They have recently been exploited by foreign corporations which have partnered with the government to gain access to Myanmar's natural resources.
Myanmar was designated a least developed country in 1987. Since 1992, when Than Shwe became head of state, the government has encouraged tourism. However, fewer than 750,000 tourists enter the country annually. Private enterprises are often co-owned or indirectly owned by the Tatmadaw. In recent years, both China and India have attempted to strengthen ties with the government for economic benefit. Many nations, including the United States, Canada, and the European Union, have imposed investment and trade sanctions on Myanmar. Foreign investment comes primarily from China, Singapore, South Korea, India, and Thailand.
Under British administration, Burma was one of the wealthiest countries in Southeast Asia. It was once the world's largest exporter of rice. During British administration, Burma supplied oil through the Burmah Oil Company. Burma also had a wealth of natural and labor resources. It produced 75% of the world's teak, and had a highly literate population. The country was believed to be on the fast track to development.
Today, Myanmar lacks adequate infrastructure. Goods travel primarily across the Burmese-Thai border, whence most illegal drugs are exported, and along the Ayeyarwady River. Railroads are old and rudimentary, with few repairs since their construction in the 1800s. Highways are normally unpaved, except in the major cities. Energy shortages are common throughout the country including in Yangon. Myanmar is also the world's second largest producer of opium, accounting for 8% of entire world production and is a major source of narcotics, including amphetamines.Other industries include agricultural goods, textiles, wood products, construction materials, gems, metals, oil and natural gas.
The major agricultural good is rice which covers about 60% of the country’s total cultivated land area. Rice accounts for 97% of total food grain production by weight. Through collaboration with the International Rice Research Institute (IRRI), 52 modern rice varieties were released in Myanmar between 1966 and 1997, helping increase national rice production to 14 million tons in 1987 and to 19 million tons in 1996. By 1988, modern varieties were planted on half of the country’s ricelands, including 98 percent of the irrigated areas .
The lack of an educated workforce skilled in modern technology contributes to the growing problems of the Burmese economy.
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