The country is one of the poorest nations in Southeast Asia, suffering from decades of stagnation, mismanagement and isolation. The lack of an educated workforce skilled in modern technology contributes to the growing problems of the economy. The country lacks adequate infrastructure. Goods travel primarily across the Thai border (where most illegal drugs are exported) and along the Irrawaddy River. Railways are old and rudimentary, with few repairs since their construction in the late 19th century. Highways are normally unpaved, except in the major cities. Energy shortages are common throughout the country including in Yangon and only 25% of the country's population has electricity.
The military government has the majority stakeholder position in all of the major industrial corporations of the country (from oil production and consumer goods to transportation and tourism).
The national currency is Kyat. Burma has a dual exchange rate system similar to Cuba. The market rate was around two hundred times below the government-set rate in 2006. Inflation averaged 30.1% between 2005 and 2007. Inflation is a serious problem for the economy.
In 2010–2011, Bangladesh exported products worth $9.65 million to Myanmar against its import of $179 million. The annual import of medicine and medical equipment to Burma during the 2000s was 160 million USD.
In recent years, both China and India have attempted to strengthen ties with the government for economic benefit. Many nations, including the United States and Canada, and the European Union, have imposed investment and trade sanctions on Burma. The United States has banned all imports from Burma. Foreign investment comes primarily from China, Singapore, the Philippines, South Korea, India, and Thailand.
Read more about this topic: Myanmar
Other articles related to "economy":
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
... Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world ... Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries ... and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy ...
... and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average ... In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment ... fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal level and bring the economy out of recession ...
... The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ...
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (18171862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kindno matter how ultimately profitable or otherwise successful some of them might prove to bethere is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we really experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (18441900)