Logged teak was a prized export that was used in European shipbuilding, because of its durability, and became the focal point of the Burmese export trade from the 1700s to the 1800s. ===British Burma (1885–1948)=== Under the British administration, the people of Burma were at the bottom of social hierarchy, with Europeans at the top, Indians, Chinese, and Christianized minorities in the middle, and Buddhist Burmese at the bottom.
British Burma began exporting crude oil in 1853.
The British followed the ideologies of Social Darwinism and free market, and opened up the country to a large-scale immigration with Rangoon exceeding New York City as the greatest immigration port in the world in the 1920s.
In the 1930s, agricultural production fell dramatically as international rice prices declined and did not recover for several decades. During the Japanese invasion of Burma in World War II, the British followed a scorched earth policy.
After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation and the state was declared the owner of all land.
The government tried to implement an eight-year plan partly financed by injecting money into the economy which caused some inflation. ===Post-independence and under Ne Win (1948–1988)=== After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation.
By the 1950s, rice exports had decreased by two-thirds and mineral exports by over 96%.
The 1962 Burmese coup d'état, was followed by an economic scheme called the Burmese Way to Socialism, a plan to nationalise all industries, with the exception of agriculture.
Through collaboration with the International Rice Research Institute (IRRI), 52 modern rice varieties were released in the country between 1966 and 1997, helping increase national rice production to 14 million tons in 1987 and to 19 million tons in 1996.
Efforts to eradicate opium cultivation have pushed many ethnic rebel groups, including the United Wa State Army and the Kokang to diversify into methamphetamine production. Prior to the 1980s, heroin was typically transported from Burma to Thailand, before being trafficked by sea to Hong Kong, which was and still remains the major transit point at which heroin enters the international market.
The average age of marriage in Burma is 27.5 for men, 26.4 for women, almost unparalleled in the region, with the exception of developed countries like Singapore. Burma also has a low fertility rate, of 2.07 children per woman (2010), especially as compared to other Southeast Asian countries of similar economic standing, like Cambodia (3.18) and Laos (4.41), representing a significant decline from 4.7 in 1983, despite the absence of a national population policy.
Burma's admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy. ===Rule of the generals (1988–2011)=== After 1988, the regime retreated from a command economy.
Through collaboration with the International Rice Research Institute (IRRI), 52 modern rice varieties were released in the country between 1966 and 1997, helping increase national rice production to 14 million tons in 1987 and to 19 million tons in 1996.
Burma's admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy. ===Rule of the generals (1988–2011)=== After 1988, the regime retreated from a command economy.
By 1988, modern varieties were planted on half of the country's rice fields, including 98% of the irrigated areas.
Through collaboration with the International Rice Research Institute (IRRI), 52 modern rice varieties were released in the country between 1966 and 1997, helping increase national rice production to 14 million tons in 1987 and to 19 million tons in 1996.
Through collaboration with the International Rice Research Institute (IRRI), 52 modern rice varieties were released in the country between 1966 and 1997, helping increase national rice production to 14 million tons in 1987 and to 19 million tons in 1996.
Between 20,000 and 30,000 ex-poppyfarmers left the Kokang region as a result of the ban in 2002. Rubber plantations are being promoted in areas of high elevation like Mong Mao.
The dual exchange rate system allows for the government and state-owned enterprises to divert funds and revenues, but also gives the government more control over the local economy and temporarily subdue inflation. Inflation averaged 30.1% between 2005 and 2007.
The market rate was around two hundred times below the government-set rate in 2006.
"Basic commodity prices have increased from 30% to 60% since the military regime promoted a salary increase for government workers in April 2006," said Soe Win, the moderator of the workshop.
The corruption watchdog organisation Transparency International in its 2007 Corruption Perceptions Index released on 26 September 2007 ranked Burma the most corrupt country in the world, tied with Somalia. The national currency is the kyat.
The dual exchange rate system allows for the government and state-owned enterprises to divert funds and revenues, but also gives the government more control over the local economy and temporarily subdue inflation. Inflation averaged 30.1% between 2005 and 2007.
In April 2007, the National League for Democracy organised a two-day workshop on the economy.
The economy was rated in 2009 as the least free in Asia (tied with North Korea).
Foreign investments increased from US$300 million in 2009–10 to a US$20 billion in 2010–11 by about 6567%.
In 2009, Chinese authorities seized over 40 million tablets that had been illegally trafficked from Burma.
Foreign investments increased from US$300 million in 2009–10 to a US$20 billion in 2010–11 by about 6567%.
In 2011, Myanmar's total milled rice production accounted for 10.60 million tons, an increase from the 1.8 per cent back in 2010. In northern Burma opium bans have ended a century old tradition of growing poppy.
Burmese-produced Ya ba is typically trafficked to Thailand via Laos, before being transported through the northeastern Thai region of Isan. In 2010, Burma trafficked 1 billion tablets to neighbouring Thailand.
In 2011, the Burmese government enlisted the aid of International Monetary Fund to evaluate options to reform the current exchange rate system, to stabilise the domestic foreign exchange trading market and creates economic distortions.
Foreign investment comes primarily from People's Republic of China, Singapore, South Korea, India, and Thailand. ===Economic liberalisation (2011–present)=== In 2011, when new President Thein Sein's government came to power, Burma embarked on a major policy of reforms including anti-corruption, currency exchange rate regulation, foreign investment laws and taxation.
Despite current currency problems, Burmese economy is expected to grow by about 8.8% in 2011.
In 2011, Myanmar's total milled rice production accounted for 10.60 million tons, an increase from the 1.8 per cent back in 2010. In northern Burma opium bans have ended a century old tradition of growing poppy.
After the completion of 58-billion dollar Dawei deep seaport, Burma is expected be at the hub of trade connecting Southeast Asia and the South China Sea, via the Andaman Sea, to the Indian Ocean receiving goods from countries in the Middle East, Europe and Africa, and spurring growth in the ASEAN region. In 2012, the Asian Development Bank formally began re-engaging with the country, to finance infrastructure and development projects in the country.
The $512 million loan is the first issued by the ADB to Myanmar in 30 years and will target banking services, ultimately leading to other major investments in road, energy, irrigation and education projects. In March 2012, a draft foreign investment law emerged, the first in more than 2 decades.
This is at least partly attributed to the economic strain that additional children place on the family income, and has resulted in the prevalence of illegal abortions in the country, as well as use of other forms of birth control. The 2012 foreign investment law draft, included a proposal to transform the Myanmar Investment Commission from a government-appointed body into an independent board.
In March 2012, six of Thailand's largest garment manufacturers announced that they would move production to Burma, principally to the Yangon area, citing lower labour costs.
Foreign-linked firms supply almost all garment exports, and these have risen rapidly in recent years, especially since EU sanctions were lifted in 2012.
The draft law also stipulates that Burmese citizens must constitute at least 25% of the firm's skilled workforce, and with subsequent training, up to 50–75%. On 28 January 2013, the government of Myanmar announced deals with international lenders to cancel or refinance nearly $6 billion of its debt, almost 60 per cent of what it owes to foreign lenders.
The country approved US$4.4 billion worth of investment projects between January and November 2014. According to one report released on 30 May 2013, by the McKinsey Global Institute, Burma's future looks bright, with its economy expected to quadruple by 2030 if it invests in more high-tech industries.
The country approved US$4.4 billion worth of investment projects between January and November 2014. According to one report released on 30 May 2013, by the McKinsey Global Institute, Burma's future looks bright, with its economy expected to quadruple by 2030 if it invests in more high-tech industries.
Myanmar exported $1.6 billion worth of garment and textiles in 2016. ===Illegal drug trade=== Burma (Myanmar) is the largest producer of methamphetamines in the world, with the majority of ya ba found in Thailand produced in Burma, particularly in the Golden Triangle and Northeastern Shan State, which borders Thailand, Laos and China.
The economy of Myanmar has a nominal GDP of USD $76.09 billion in 2019 and an estimated purchasing power adjusted GDP of USD $327.629 billion in 2017 according to World Bank.
This however does assume that other factors (such as drug trade, the continuing war of the government with specific ethnic groups, etc.) do not interfere. As of October 2017, less than 10% of Myanmar's population has a bank account.
The Myanmar Government has introduced minimum wage of MMK 4,800 (US$3.18) per day for the garment workers from March 2018. The Myanmar garments sector has seen significant influx of foreign direct investment, if measured by the number of entries rather than their value.
The economy of Myanmar has a nominal GDP of USD $76.09 billion in 2019 and an estimated purchasing power adjusted GDP of USD $327.629 billion in 2017 according to World Bank.
For the 2020 estimate, GDP per capita in Myanmar will be USD $5142.20 in PPP per capita and USD $1,608.50 in nominal per capita.
All text is taken from Wikipedia. Text is available under the Creative Commons Attribution-ShareAlike License .
Page generated on 2021-08-05