Page 41 - myanmar

Forecast GDP growth
World
3.3%
3.2%
Myanmar
Japan Thailand India
2016 2017
7.8% 8.5%
1.7% 1.2% 4.0% 4.0% 7.9% 8.0%
US
2.8%
2.4%
China
7.0%
6.9%
Russia
0.7%
2.5%
But change is happening – and fast.
Economic reforms have been introduced gradually since 2011,
when a nominally civilian government took office with the aim of attracting foreign investment and re-integrating Myanmar into the global economy. Since Western sanctions were lifted
in 2013, foreign direct investment
has been rising, reflecting growing international confidence in the long- term future of Myanmar. FDI hit $8.1 billion in the 2014-15 fiscal year, almost double that of the previous year, with activity especially strong in the energy, manufacturing and telecoms sectors.
Aid money is also fuelling Myanmar’s route to economic growth. The World Bank, for instance, is working with the government on a National Electrification Plan that will provide universal electricity access by 2030. The National Community-Driven Development Project, financed in part
by Japan, Italy and the World Bank, has financed 1,800 small infrastructure projects such as bridges, clinics and schools in the past two years alone.
The combination of a centralized decision-making process and an influx of funds means change can
be effected quickly. Last year, for instance, visitors to the country had no mobile international roaming. This year, they have it.
In another significant milestone for Myanmar’s economic development, the country’s first stock exchange, the Yangon Stock Exchange, opened in December 2015. The first trades are not expected until February or March 2016, but the founding of
the exchange – by the state-owned Myanmar Economic Bank, Daiwa Securities and Japan Exchange Group, which operates the Tokyo Stock Exchange – is a strong vote of confidence.
Exports in 2014
$8.962 Billion
Primary Exports
Natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems
Biggest Export Partners
India
5.7%
Thailand China 15.8% 63%
Imports in 2014
$12.17 Billion
Primary Imports
Fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil
Biggest Import Partners Japan Singapore 5.4%
10.9%
Thailand China
19.0%
42.4%
Official figures underestimate actual value of goods traded as large amounts of goods are smuggled in and out of the country.
Source: World Bank, CIA World Factbook