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The economy of Myanmar is the seventh largest in Southeast Asia. [6] After the return of civilian rule in 2011, the new government launched large-scale reforms, focused initially on the political system to restore peace and achieve national unity and moving quickly to an economic and social reform program. [7]
In December, the World Bank had projected Myanmar's economy would grow by around 2% during the current fiscal year, after estimated GDP growth of 1% in the year that ended in March 2024. "The ...
Myanmar was a rising star in Southeast Asia before its military seized power three years ago in a takeover that has brought civil strife and a tightening vise of international sanctions, undoing ...
"The problem of corruption in Myanmar is particularly severe in the area of business activity," states one source. [11] A firm wishing a construction permit must go through an application process involving (on average) 16 procedures, a 159-day wait, and a cost of about 567% of income per capita. [ 25 ]
[110] [111] Numerous economic arrangements have been established including a roadway connecting the isolated provinces of Northeastern India with Mandalay which opens up trade with China, Myanmar, and gives access to the Burmese ports. Relations between India and Myanmar have been strained in the past however due to India's continuing support ...
It was the first time Myanmar had disclosed its level of foreign currency since the coup, and compares with a World Bank figure of just $7.67 billion at the end of 2020.
The informal economy's share in Myanmar is one of the biggest in the world and is closely linked to corruption, smuggling and illegal trade activities. [268] [269] In addition, decades of civil war and unrest have contributed to Myanmar's current levels of poverty and lack of economic progress. Myanmar lacks adequate infrastructure.
The conflict in military-ruled Myanmar has been a difficult issue for the Southeast Asian bloc ASEAN to address, with little progress made towards a resolution and intensifying fighting ...