Economy Overview
Since the transition to a civilian government in 2011, Burma has begun an economic overhaul aimed at attracting foreign investment and reintegrating into the global economy. Economic reforms have included establishing a managed float of the Burmese kyat in 2012, granting the Central Bank operational independence in July 2013, and enacting a new Anti-corruption Law in September 2013. The government’s commitment to reform, and the subsequent easing of most Western sanctions, has begun to pay dividends. The economy accelerated in 2012 and 2013. And Burma’s abundant natural resources, young labor force, and proximity to Asia’s dynamic economies have attracted foreign investment in the energy sector, garment industry, information technology, and food and beverages. Foreign direct investment grew from US$1.9 billion in FY 2011 to US$2.7 billion in FY 2012. 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 - more than one-fourth of the country’s 60 million people live in poverty. The previous government’s isolationist policies and economic mismanagement 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 an opaque revenue collection system and antiquated banking system. Key benchmarks of sustained economic progress would include modernizing and opening the financial sector, increasing budget allocations for social services, and accelerating agricultural and land reforms.
Agriculture Products
rice, pulses, beans, sesame, groundnuts, sugarcane, fish and fish products; hardwood
Industries
agricultural processing, wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade, gems
Industrial Production Growth Rate
11.4% (2013 est.) country comparison to the world: 9
Labor Force
34.31 million (2013 est.) country comparison to the world: 19
Unemployment Rate
5.2% (2013 est.) country comparison to the world: 50 5.4% (2012 est.)
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: 2.8%
Highest 10%: 32.4% (1998)
Budget
Revenues: $2.413 billion
Expenditures: $4.443 billion (2013 est.)
Central Bank Discount Rate
9.95% (31 December 2010 est.) country comparison to the world: 17 12% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$12.23 billion (31 December 2013 est.) country comparison to the world: 72 $11.54 billion (31 December 2012 est.)
Stock of Domestic Credit
$14.43 billion (31 December 2013 est.) country comparison to the world: 87 $13.51 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$8.278 billion (31 December 2013 est.) country comparison to the world: 77 $6.977 billion (31 December 2012 est.)
Debt External
$5.379 billion (31 December 2013 est.) country comparison to the world: 116 $5.591 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
kyats (MMK) per US dollar -947.9 (2013 est.) 853.48 (2012 est.) 5.58 (2010 est.) 1,055 (2009) 1,205 (2008)
