| Economy of Burma | |
|---|---|
| Rank | 86th |
| Currency | kyat (MMK) |
| Fiscal year | 1 April - 31 March |
| Trade organisations | WTO, ASEAN, BIMSTEC |
| Statistics | |
| GDP | $71.772 billion (PPP; IMF 2010 est.) |
| GDP growth | 1.8% (2009 est.) |
| GDP per capita | $1,197 (2010 est.) |
| GDP by sector | agriculture: 42.9%, industry: 19.8%, services: 37.3% (2009 est.) |
| Inflation (CPI) | 7.7% (2009 est.) |
| Population below poverty line | 32.7% (2009 est.) |
| Labour force | 30.85 million (2009 est.) |
| Labour force by occupation | agriculture: 70%, industry: 7%, services: 23% (2001) |
| Unemployment | 4.9% (2009 est.) |
| Main industries | agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade and gems |
| External | |
| Exports | $6.504 billion (2009 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 (2009) |
| Export goods | natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems |
| Main export partners | Thailand 52%, India 12.3%, China 8.8%, Japan 4.3% (2008) |
| Imports | $3.555 billion (2009 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 (2009) |
| Import goods | fabric, petroleum products, plastics, fertilizer, machinery, transport equipment, cement, construction materials, crude oil; food products, edible oil |
| Main import partners | China 31.3%, Thailand 20.8%, Singapore 20.4%, Malaysia 5% (2008) |
| Public finances | |
| Public debt | $7.373 billion (2009 est.) |
| Revenues | $1.142 billion |
| Expenses | $2.354 billion (2009 est.) |
| Economic aid | recipient: $127 million (2001 est.) |
Monday 20 June 2011
Economy of Burma
Economy of Burma
ECONOMY
ECONOMY
Burma is a resource-rich country with a strong agricultural base. It also has vast timber, natural gas, and fishery reserves and is a leading source of gems and jade. Tourist potential remains undeveloped because of weak infrastructure and Burma's international image, which has been damaged by the junta's human rights abuses and oppression of the democratic opposition. Due to Burma's poor human rights record, the U.S. imposed a range of economic sanctions, including bans on the importation of Burmese products into the U.S. and the export of financial services from the U.S. to Burma. Australia, Canada, and the EU also imposed additional economic sanctions on the Burmese regime.
Burma : Economy
Burma is a resource-rich country with a strong agricultural base. It has vast hardwood timber, natural gas, and fishery reserves and is a leading source of gems and jade. Tourist potential remains undeveloped because of weak infrastructure and Burma's international image, which has been damaged by the regime's human rights abuses and political oppression. Due to Burma's poor human rights record, the U.S. imposes a range of economic sanctions, including bans on the importation of Burmese products into the U.S. and the export of financial services from the U.S. to Burma. Australia, Canada, and the EU also impose economic sanctions on the Burmese regime.
Burma History
Background:
Britain conquered Burma over a period of 62 years (1824-1886) and incorporated it into its Indian Empire. Burma was administered as a province of India until 1937 when it became a separate, self-governing colony; independence from the Commonwealth was attained in 1948. 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 September 1988, the military deposed NE WIN and established a new ruling junta. Despite multiparty legislative elections in 1990 that resulted in the main opposition party – the National League for Democracy (NLD) – winning a landslide victory, the junta refused to hand over power. NLD leader and Nobel Peace Prize recipient AUNG SAN SUU KYI, who was under house arrest from 1989 to 1995 and 2000 to 2002, was imprisoned in May 2003 and subsequently transferred to house arrest. After the ruling junta in August 2007 unexpectedly increased fuel prices, tens of thousands of Burmese marched in protest, led by prodemocracy activists and Buddhist monks. In late September 2007, the government brutally suppressed the protests, killing at least 13 people and arresting thousands for participating in the demonstrations. Since then, the regime has continued to raid homes and monasteries and arrest persons suspected of participating in the pro-democracy protests. The junta appointed Labor Minister AUNG KYI in October 2007 as liaison to AUNG SAN SUU KYI, who remains under house arrest and only recently gained the opportunity for limited communication with NLD leaders. Burma in early May 2008 was struck by Cyclone Nargis which official estimates claimed left over 80,000 dead and 50,000 injured. Despite this tragedy, the junta proceeded with its May constitutional referendum, the first vote in Burma since 1990, setting the stage for the 2010 parliamentary elections. AUNG SAN SUU KYI’s house arrest was due to end in May 2009, but was extended for eighteen months after she was convicted for violating the terms of her house arrest.
Britain conquered Burma over a period of 62 years (1824-1886) and incorporated it into its Indian Empire. Burma was administered as a province of India until 1937 when it became a separate, self-governing colony; independence from the Commonwealth was attained in 1948. 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 September 1988, the military deposed NE WIN and established a new ruling junta. Despite multiparty legislative elections in 1990 that resulted in the main opposition party – the National League for Democracy (NLD) – winning a landslide victory, the junta refused to hand over power. NLD leader and Nobel Peace Prize recipient AUNG SAN SUU KYI, who was under house arrest from 1989 to 1995 and 2000 to 2002, was imprisoned in May 2003 and subsequently transferred to house arrest. After the ruling junta in August 2007 unexpectedly increased fuel prices, tens of thousands of Burmese marched in protest, led by prodemocracy activists and Buddhist monks. In late September 2007, the government brutally suppressed the protests, killing at least 13 people and arresting thousands for participating in the demonstrations. Since then, the regime has continued to raid homes and monasteries and arrest persons suspected of participating in the pro-democracy protests. The junta appointed Labor Minister AUNG KYI in October 2007 as liaison to AUNG SAN SUU KYI, who remains under house arrest and only recently gained the opportunity for limited communication with NLD leaders. Burma in early May 2008 was struck by Cyclone Nargis which official estimates claimed left over 80,000 dead and 50,000 injured. Despite this tragedy, the junta proceeded with its May constitutional referendum, the first vote in Burma since 1990, setting the stage for the 2010 parliamentary elections. AUNG SAN SUU KYI’s house arrest was due to end in May 2009, but was extended for eighteen months after she was convicted for violating the terms of her house arrest.
Burma Economy
A great deal of economic activity in Burma is unrecorded. Some analysts believe the informal economy is larger than the formal economy. This gray economy includes private banking networks, smuggling, barter trade, unrecorded agriculture production, corruption, and illicit activities, such as narcotics production. Burma remains one of the world's largest producers of opiates and amphetamine-type stimulants. Narcotics production and trafficking plays a major role in the economy. Money laundering is also common.)
Naturally Rich But Undeveloped and Impoverished
Naturally Rich But Undeveloped and Impoverished
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