Further information: Agriculture in Burma, Golden Triangle (Southeast Asia), Tourism in Burma, and Transport in Burma
The military government has the majority stakeholder position in all of the major industrial corporations of the country (from oil production and consumer goods to transportation and tourism).[197][198]
The national currency is Kyat. Inflation averaged 30.1% between 2005 and 2007.[199] Inflation is a serious problem for the economy.
In 2010–2011, Bangladesh exported products worth $9.65 million to Myanmar against its import of $179 million.[200] The annual import of medicine and medical equipment to Burma during the 2000s was 160 million USD.[201]
In recent years, both China and India have attempted to strengthen ties with the government for economic benefit. Many nations, including the United States and Canada, and the European Union, have imposed investment and trade sanctions on Burma. The United States and European Union eased most of their sanctions in 2012.[202] Foreign investment comes primarily from China, Singapore, the Philippines, South Korea, India, and Thailand.[203]
Background
Under British administration, Burma was the second-wealthiest country in South-East Asia. It had been the world's largest exporter of rice. Burma also had a wealth of natural and labour resources. It produced 75% of the world's teak and had a highly literate population.[20] The country was believed to be on the fast track to development.[20] However, agricultural production fell dramatically during the 1930s as international rice prices declined, and did not recover for several decades.[204]During World War II, the British destroyed the major oil wells and mines for tungsten, tin, lead and silver to keep them from the Japanese. Burma was bombed extensively by both sides. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalization and the state was declared the owner of all land. The government also tried to implement a poorly considered Eight-Year plan. By the 1950s, rice exports had fallen by two thirds and mineral exports by over 96% (as compared to the pre-World War II period). Plans were partly financed by printing money, which led to inflation.[205] The 1962 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. The catastrophic program turned Burma into one of the world's most impoverished countries.[58] Burma's admittance to Least Developed Country status by the UN in 1987 highlighted its economic bankruptcy.[206]
Agriculture
The major agricultural product is rice, which covers about 60% of the country's total cultivated land area. Rice accounts for 97% of total food grain production by weight. Through collaboration with the International Rice Research Institute 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. By 1988, modern varieties were planted on half of the country's ricelands, including 98 percent of the irrigated areas.[207] In 2008 rice production was estimated at 50 million tons.[208]Burma is also the world's second largest producer of opium, accounting for 8% of entire world production and is a major source of illegal drugs, including amphetamines.[209] Opium bans implemented since 2002 after international pressure have left ex-poppy farmers without sustainable sources of income in the Kokang and Wa regions. They depend on casual labour for income.[210]
Natural resources
Burma produces precious stones such as rubies, sapphires, pearls, and jade. Rubies are the biggest earner; 90% of the world's rubies come from the country, whose red stones are prized for their purity and hue. Thailand buys the majority of the country's gems. Burma's "Valley of Rubies", the mountainous Mogok area, 200 km (120 mi) north of Mandalay, is noted for its rare pigeon's blood rubies and blue sapphires.[211]Many U.S. and European jewellery companies, including Bulgari, Tiffany, and Cartier, refuse to import these stones based on reports of deplorable working conditions in the mines. Human Rights Watch has encouraged a complete ban on the purchase of Burmese gems based on these reports and because nearly all profits go to the ruling junta, as the majority of mining activity in the country is government-run.[212] The government of Burma controls the gem trade by direct ownership or by joint ventures with private owners of mines.[213]
Other industries include agricultural goods, textiles, wood products, construction materials, gems, metals, oil and natural gas.
Tourism
Main article: Tourism in Burma
Since 1992, the government has encouraged tourism in the country;
however, fewer than 270,000 tourists entered the country in 2006
according to the Myanmar Tourism Promotion Board.[214] Burma's Minister of Hotels and Tourism Saw Lwin has stated that the government receives a significant percentage of the income of private sector tourism services.[215]
Much of the country is off-limits to tourists, and interactions between
foreigners and the people of Burma, particularly in the border regions,
are subject to police scrutiny. They are not to discuss politics with
foreigners, under penalty of imprisonment and, in 2001, the Myanmar
Tourism Promotion Board issued an order for local officials to protect
tourists and limit "unnecessary contact" between foreigners and ordinary
Burmese people.[216]The only way for travellers to enter the country seems to be by air.[217] According to the website Lonely Planet, getting into Burma (Myanmar) is problematic: "No bus or train service connects Myanmar with another country, nor can you travel by car or motorcycle across the border – you must walk across.", and states that, "It is not possible for foreigners to go to/from Myanmar by sea or river."[217] They do say that there are a small number of border crossings, but that these are limiting in that they do not allow travel into the country "You can cross from Ruili (China) to Mu-se, but not leave that way. From Mae Sai (Thailand) you can cross to Tachileik, but can only go as far as Kengtung. Those in Thailand on a visa run can cross to Kawthaung but cannot venture farther into Myanmar."[217]
Flights are available from most countries, though direct flights are limited to mainly Thai and other ASEAN airlines. According to Eleven magazine, "In the past, there were only 15 international airlines and increasing numbers of airlines have began launching direct flights from Japan, Qatar, Taiwan, South Korea, Germany and Singapore."[218] Expansions were expected in September 2013, but yet again are mainly Thai and other Asian based airlines according to Eleven Media Group's Eleven, "Thailand-based Nok Air and Business Airlines and Singapore-based Tiger Airline".[218]
Economic Sanctions
The Government of Burma is under economic sanctions by the U.S. Treasury Department (31 CFR Part 537, 16 August 2005)[219] and by Executive orders 13047 (1997),[220] 13310 (2003),[220] 13448 (2007),[220] 13464 (2008),[220] and the most recent, 13619 (2012).[221] Debate as to the extent to which the American-led sanctions have had adverse effects on the civilian population or on the military rulers.[222][223]From May 2012 to February 2013, the United States began to lift its economic sanctions on Burma "in response to the historic reforms that have been taking place in that country."[224] Sanctions remain in place for blocked banks[225] and for any business entities that are more than 50% owned by persons on "OFAC’s Specially Designated Nationals and Blocked Persons list (SDN list)".[226]
Government stakeholders in business
Main article: Union of Myanmar Economic Holdings
The military
has the majority stakeholder position in all of the major industrial
corporations of the country (from oil production and consumer goods to
transportation and tourism).[197][198]Economic liberalization post 2011
In March 2012, a draft foreign investment law emerged, the first in more than 2 decades. Foreigners will no longer require a local partner to start a business in the country, and will be able to legally lease but not own property.[227] 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%.[227]In 2012, the Asian Development Bank formally began re-engaging with the country, to finance infrastructure and development projects in the country. [228] The United States, Japan and the European Union countries have also begun to reduce or eliminate economic sanctions to allow foreign direct investment which will provide the Burmese government with additional tax revenue.[229]
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