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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 ]
"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 ]
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 2003 banking crisis of Myanmar was a major bank run in private banking that hit Myanmar (Burma) in February 2003. It started with a decline in the trust for private financial institutions following the collapse of small financial enterprises and proliferating rumors about the liquidity of major private banks.
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 ...
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.
Myanmar's slow economic growth has contributed to the preservation of much of its environment and ecosystems. Forests, including dense tropical growth and valuable teak in lower Myanmar, cover over 49% of the country, including areas of acacia, bamboo, ironwood and Magnolia champaca. Coconut and betel palm and rubber have been introduced.
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 ...