August 19, 2016

Concrete results of the reform process

Since its inception of Myanmar’s new political system in 2011, the incumbent government placed an emphasis on the emergence of the market economy through reforms to the country’s financial and tax policies. These efforts were all, ostensibly, aimed at bridging the gap between rich and poor in both rural and urban areas.
Priority has been given to crucial areas of socioeconomic development, including electrification and drinking water, agriculture and livestock, employment, tourism, trade and investment through the formulation of a 20-year national comprehensive development plan with the help of international organisations.
The national census taken in March 2014 was hailed as a great accomplishment because the country is in dire need of accurate statistics that will provide social, economic and demographic information on the entire population. This move has the potential to enable successive governments to speed up the on-going reforms through appropriate policies for development planning.
Concrete results in the reforms have earned the government more trust from the international community, resulting in the relaxation and suspension of some sanctions against the country. With economic sanctions lifted and the Foreign Investment Law enacted, the country saw foreign investment soar from US$4.46 billion in 2011 to $22.12 billion in 2015. As reported by the International Monetary Fund, average annual earnings per capita in the country reached $1,270 in 2015, up from $800 in 2011.
According to official statistics, the government’s revenue rose from $774 million—3.2 percent of GDP—in the 2009-2010 fiscal year to $4.9 billion—8.7 percent of GDP—in the 2015-2016 fiscal year.


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