Myanmar - Economy

Economy

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

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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.
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