Economy of Myanmar

Myanmar

The Economy of Burma (Myanmar) is one of the least developed in the world, suffering from decades of stagnation, mismanagement, and isolation. Burma’s GDP stands at $42.953 billion and grows at an average rate of 2.9% annually, the lowest rate of economic growth among the ASEAN countries. Among others, the EU, United States and Canada had imposed economic sanctions on Burma for several years. However, Burma today emerges from the economic isolation to the new open one. It also shows a good potential for the inclusive growth. Its economy could be rising up among ASEAN in the future if it is able to leverage its rich endowment of resources.

Marketing opportunities of Myanmar

Emerging from five decades of the economic and political isolation, Burma today brings several good potential opportunities in ASEAN market especially after implementation of the ACE agreement in 2015. One of the potential key strength of Burma is that it has rich supply of natural resources, inputs of agricultural development, natural gas and potential renewable energy, notable hydro power. Moreover, its strategic position nestled between China and India could turn Burma into a prime location for tapping into the growth of those two giants countries. As China and India are the huge demand for world products countries, it will enable Burma to develop its market for massive exports by it rich natural resources. Another significant factor is that it has large youthful population which can provide an attractive labor force to the foreign investment. In addition, since it is a new open countries, there are not many business established in the countries. This will give many investment opportunities in a range of sectors, including tourism and telecommunications. It’s attractiveness to the investors for several sectors will make it market to be growth inclusively in the future by the time those investments are