MYANMAR

 

 

Various ethnic Burmese and ethnic minority city-states or kingdoms occupied the present borders through the 19th century. Over a period of 62 years (1824-1886), Britain conquered Myanmar and incorporated the country into its Indian Empire. Myanmar was administered as a province of India until 1937 when it became a separate, self-governing colony; in 1948, Myanmar attained independence from the Commonwealth.

Gen. NE WIN dominated the government from 1962 to 1988, first as military ruler, then as self-appointed president, and later as political kingpin. In response to widespread civil unrest, NE WIN resigned in 1988, but within months the military crushed student-led protests and took power. Multiparty legislative elections in 1990 resulted in the main opposition party – the National League for Democracy (NLD) – winning a landslide victory. Instead of handing over power, the junta placed NLD leader (and Nobel Peace Prize recipient) AUNG SAN SUU KYI (ASSK) under house arrest from 1989 to 1995, 2000 to 2002, and from May 2003 to November 2010.

In late September 2007, the ruling junta brutally suppressed protests over increased fuel prices led by prodemocracy activists and Buddhist monks, killing at least 13 people and arresting thousands for participating in the demonstrations.

 

Myanmar map

 

Capital: Naypyitaw

Area: 676,578 km2 (water: 20,703 km2)

Population: 53,897,154 (2015 est.)

Currency: Burmese Kyat (MMK)

Languages: Burmese (official)

Since the transition to a civilian government in 2011, Myanmar has begun an economic overhaul aimed at attracting foreign investment and reintegrating into the global economy. Economic reforms have included establishing a managed float of the Myanmar kyat in 2012, granting the Central Bank operational independence in July 2013, and enacting a new Anti-corruption Law in September 2013. The government s commitment to reform, and the subsequent easing of most Western sanctions, has begun to pay dividends.

The economy accelerated in 2012 and 2013. And Myanmar s abundant natural resources, young labor force, and proximity to Asia s dynamic economies have attracted foreign investment in the energy sector, garment industry, information technology, and food and beverages. Foreign direct investment grew from US$1.9 billion in FY 2011 to US$2.7 billion in FY 2012. Despite these improvements, living standards have not improved for the majority of the people residing in rural areas. Myanmar remains one of the poorest countries in Asia – more than one-fourth of the country s 60 million people live in poverty.

The previous government s isolationist policies and economic mismanagement have left Myanmar with poor infrastructure, endemic corruption, underdeveloped human resources, and inadequate access to capital, which will require a major commitment to reverse. The Myanmar government has been slow to address impediments to economic development such as an opaque revenue collection system and antiquated banking system. Key benchmarks of sustained economic progress would include modernizing and opening the financial sector, increasing budget allocations for social services, and accelerating agricultural and land reforms.


GDP (purchasing power parity):

$111.1 billion (2013 est.)

country comparison to the world: 71

$104 billion (2012 est.)

$97.81 billion (2011 est.)

note: data are in 2013 US dollars


GDP (official exchange rate):

$59.43 billion (2013 est.)


GDP – real growth rate:

6.8% (2013 est.)

country comparison to the world: 26

6.4% (2012 est.)

5.9% (2011 est.)


GDP – per capita (PPP):

$1,700 (2013 est.)

country comparison to the world: 201

$1,600 (2012 est.)

$1,600 (2011 est.)

note: data are in 2013 US dollars


Gross national saving:

11.9% of GDP (2013 est.)

country comparison to the world: 129

12.9% of GDP (2012 est.)

13.7% of GDP (2011 est.)


GDP – composition, by end use:

household consumption: 80.6%

government consumption: 3.8%

investment in fixed capital: 17.5%

investment in inventories: 0.3%

exports of goods and services: 20.1%

imports of goods and services: -22.3%

(2013 est.)


GDP – composition, by sector of origin:

agriculture: 38%

industry: 20.3%

services: 41.7% (2013 est.)


Agriculture – products:

rice, pulses, beans, sesame, groundnuts, sugarcane; fish and fish products; hardwood


Industries:

agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade and gems


Industrial production growth rate:

11.4% (2013 est.)

country comparison to the world: 9


Labor force:

34.31 million (2013 est.)

country comparison to the world: 19


Labor force – by occupation:

agriculture: 70%

industry: 7%

services: 23% (2001)


Unemployment rate:

5.2% (2013 est.)

country comparison to the world: 50

5.4% (2012 est.)


Population below poverty line:

32.7% (2007 est.)


Household income or consumption by percentage share:

lowest 10%: 2.8%

highest 10%: 32.4% (1998)


Budget:

revenues: $2.413 billion

expenditures: $4.443 billion (2013 est.)


Taxes and other revenues:

4.1% of GDP (2013 est.)

country comparison to the world: 213


Budget surplus (+) or deficit (-):

-3.4% of GDP (2013 est.)

country comparison to the world: 134


Fiscal year:

1 April – 31 March


Inflation rate (consumer prices):

5.7% (2013 est.)

country comparison to the world: 164

1.5% (2012 est.)


Central bank discount rate:

9.95% (31 December 2010 est.)

country comparison to the world: 16

12% (31 December 2009 est.)


Commercial bank prime lending rate:

13% (31 December 2013 est.)

country comparison to the world: 59

13% (31 December 2012 est.)


Stock of narrow money:

$12.23 billion (31 December 2013 est.)

country comparison to the world: 73

$11.54 billion (31 December 2012 est.)


Stock of domestic credit:

$14.43 billion (31 December 2013 est.)

country comparison to the world: 88

$13.51 billion (31 December 2012 est.)


Market value of publicly traded shares:

$NA


Current account balance:

-$2.596 billion (2013 est.)

country comparison to the world: 154

-$1.791 billion (2012 est.)


Exports:

$9.043 billion (2013 est.)

country comparison to the world: 99

$7.82 billion (2012 est.)

note: official export figures are grossly underestimated due to the value of timber, gems, narcotics, rice, and other products smuggled to Thailand, China, and Bangladesh


Exports – commodities:

natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems


Exports – partners:

Thailand 40.7%, India 14.8%, China 14.3%, Japan 7.4% (2012)


Imports:

$10.11 billion (2013 est.)

country comparison to the world: 100

$7.998 billion (2012 est.)

note: import figures are grossly underestimated due to the value of consumer goods, diesel fuel, and other products smuggled in from Thailand, China, Malaysia, and India


Imports – commodities:

fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil


Imports – partners:

China 36.9%, Thailand 20.2%, Singapore 8.7%, South Korea 8.7%, Japan 8.2%, Malaysia 4.6% (2012)


Reserves of foreign exchange and gold:

$8.278 billion (31 December 2013 est.)

country comparison to the world: 77

$6.977 billion (31 December 2012 est.)


Debt – external:

$5.379 billion (31 December 2013 est.)

country comparison to the world: 119

$5.591 billion (31 December 2012 est.)


Exchange rates:

kyats (MMK) per US dollar –

947.9 (2013 est.)

853.48 (2012 est.)

5.58 (2010 est.)

1,055 (2009)

1,205 (2008)

BANKING


Small and Medium enterprise Development (SMED) Bank under the Ministry of Industry

No. 46, U Tun Nyein Road, Mayangon Township
Phone: (+95) 1 657602
Fax: (+95) 1 657603
Email: midb01@.com.mm , tmhsmidb@gmail.com