Burma, which is also known as Myanmar is one of the fastest growing countries in the world due to its great business opportunities in different fields. It may seem like an unusual choice for investors but many businesses are keeping a close eye on Burma and its emerging economy. Those who trade with Option Robot know that well and use this information to make money by just sitting in front of the computer.
This country located between India and China was the main trade route between them for many centuries. According to historians, Burma used to be an agrarian economy. Majority of its population was involved in the production of rice and other forms of agriculture.
It was under the reign of King Mindon Min in the middle 19th century and it did not have a formal system of money. The king owned the agricultural lands (In fact, whole of real estate) and Logged teak was the main source of revenue.
Burma during the British era
At one point Burma was one of the wealthiest countries in Southeast Asia. It used to be the world’s largest exporter of rice. The effect of the great depression in the 1930s was seen in Burma too. Decline in trade affected global economies and Burma couldn’t escape the suffering like the other countries in this region.
Burma was very rich in natural and labor resources. It was also responsible for producing 75% of the world’s teak. Burma had a highly literate population and was believed to be on the fast track to development.
Burma during its post independence period
A parliamentary government was formed in Burma in 1948. Some bad policy decisions and measures by the then Prime Minister U Nu, led to the drastic drop in rice production to two thirds. Mineral exports were also reduced by 96%. The coup in 1962 along with the choice of a scheme to nationalize all industries turned Burma into one of the world’s most impoverished countries.
Liberalization of the economy
After being under military rule for more than two decades, things are changing for the better since the last few years. With the help of democracy and a new government, Burma has witnessed a major change in reforms. The new President Thein Sein and his government came into power in 2011 and some of their new reforms include anti-corruption, exchange rate of currency, foreign investment laws and taxation.
The positive effects of these changes are slowly becoming visible. The foreign investments have increased and there is a large inflow of capital. This led to the Burmese currency, kyat getting stronger by about 25%. The government has relaxed restriction on import and it has also abolished export taxes.
Though Burma still faces currency problems, its economy is expected to grow steadily. Their foreign investment law oversees liberalization of its economy like never before. Burma is also getting investments for its infrastructure and development projects in the country. With an increase in foreign direct investment, Burma is approving investment projects worth billions of dollars.
The task ahead for the current government in Burma may be daunting but with its huge potential the road ahead seems promising. There are many challenges ahead but the growth of Burma is not an impossible task. It might take a while for Burma to regain all of its lost glory, but the process of freedom from economic hardship has well and truly begun.
Aung San Suu Kyi is the General Secretary of the National League for Democracy.
- Biography of Aung San Suu Kyi
- Awards and honors
- InterviewsNational League for Democracy
1991 Nobel Peace Prize Laureate
Peacejam’s Aung San Suu Kyi webpage
Irwin Abrams, biographer of Nobel peace laureates on Aung San Suu Kyi
Burma’s Gandhi, by author Alan Clements.
Daw Aung San Suu Kyi Website