4 GeoFroggy

Burma

Continent:

Geography

People &
Society

Government

Economy

Energy

Communications

Military &
Security

Transportation

Terrorism

Transnational Issues
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Economy Overview

Burma, a resource-rich country, suffers from pervasive government controls, inefficient economic policies, and rural poverty. 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failure under the "Burmese Way to Socialism," but those efforts stalled, and some of the liberalization measures were rescinded. Lacking monetary or fiscal stability, the economy suffers from serious macroeconomic imbalances - including rising inflation, fiscal deficits, multiple official exchange rates that overvalue the Burmese kyat, a distorted interest rate regime, unreliable statistics, and an inability to reconcile national accounts to determine a realistic GDP figure. Most overseas development assistance ceased after the junta began to suppress the democracy movement in 1988 and subsequently refused to honor the results of the 1990 legislative elections. 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 in August 2003 against Burma - including a ban on imports of Burmese products and a ban on provision of financial services by US persons. Further, a poor investment climate hampers attracting outside investment slowing the inflow of foreign exchange. The most productive sectors will continue to be in extractive industries, especially oil and gas, mining, and timber with the latter especially causing environmental degradation. Other areas, such as manufacturing and services, are struggling with inadequate infrastructure, unpredictable import/export policies, deteriorating health and education systems, and endemic corruption. A major banking crisis in 2003 shuttered the country's 20 private banks and disrupted the economy. As of 2006, the largest private banks operate under tight restrictions limiting the private sector's access to formal credit. Official statistics are inaccurate. 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. 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 serious foreign investment, exports, and tourism.

Agriculture Products

rice, pulses, beans, sesame, groundnuts, sugarcane; hardwood; fish and fish products

Industries

agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; natural gas; garments, jade and gems

Industrial Production Growth Rate

NA%

Labor Force

28.49 million (2006 est.)

Electricity production

5.806 billion kWh (2005)

Electricity Consumption

3.707 billion kWh (2005)

Electricity Exports

0 kWh (2005)

Electricity Imports

0 kWh (2005)

Unemployment Rate

10.2% (2006 est.)

Population Below Poverty Line

25% (2000 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 2.8%

Highest 10%: 32.4% (1998)

Budget

Revenues: $2.18 billion

Expenditures: $2.36 billion (2006 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

$NA

Reserves of Foreign Exchange and Gold

$1.248 billion (2006 est.)

Debt External

$6.632 billion (2006 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: kyats per US dollar - 1,280 (2006), 5.761 (2005), 5.7459 (2004), 6.0764 (2003), 6.5734 (2002)

Note: unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar, and by yearend 2005, the unofficial exchange rate was 1,075 kyat/US dollar; data shown for 2002-05 are official exchange rates

Year

GDP Official Exchange Rate

  • $9.6 billion 2006 est.

Fiscal Year

  • 1 April - 31 March

GDP Purchasing Power Parity

    $85.2 billion (2006 est.)

GDP Real Growth Rate

    3% (2006 est.)

GDP Per Capital

    $1,800 (2006 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

  • Agriculture
    54.7%
  • Industry
    10.6%
  • Services
    34.7% (2006 est.)

Inflation Rate Consumer Prices

    20% (2006 est.)

Current Account Balance

    $1.044 billion (2006 est.)

Exports

  • Exports
    $5.321 billion f.o.b.
  • Note
    official export figures

Exports Partners

  • Thailand
    48.8%
  • India
    12.7%
  • China
    5.2%
  • Japan
    5.2%

Exports Commodities

    Gas, wood products, pulses, beans, fish, rice, clothing, jade and gems

Imports

  • Imports
    $2.284 billion f.o.b.
  • Note
    import figures are

Imports Partners

  • China
    35.1%
  • Thailand
    22.1%
  • Singapore
    16.4%
  • Malaysia
    4.8%

Imports Commodities

    Fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil
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