Since Burma began the transition to a civilian-led government in 2011, the country initiated economic reforms aimed at attracting foreign investment and reintegrating into the global economy. Burma established a managed float of the Burmese kyat in 2012, granted the Central Bank operational independence in July 2013, enacted a new anti-corruption law in September 2013, and granted licenses to 13 foreign banks in 2014-16. State Counsellor AUNG SAN SUU KYI and the ruling National League for Democracy, who took power in March 2016, have sought to improve Burma’s investment climate following the US sanctions lift in October 2016 and reinstatement of Generalized System of Preferences trade benefits in November 2016. In October 2016, Burma passed a foreign investment law that consolidates investment regulations and eases rules on foreign ownership of businesses.
Burma’s economic growth rate recovered from a low growth under 6% in 2011 but has been volatile between 6% and 8% between 2014 and 2018. Burma’s abundant natural resources and young labor force have the potential to attract foreign investment in the energy, garment, information technology, and food and beverage sectors. The government is focusing on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and developing transportation and electricity infrastructure. The government has also taken steps to improve transparency in the mining and oil sectors through publication of reports under the Extractive Industries Transparency Initiative (EITI) in 2016 and 2018.
Despite these improvements, living standards have not improved for the majority of the people residing in rural areas. Burma remains one of the poorest countries in Asia – approximately 26% of the country’s 51 million people live in poverty. The isolationist policies and economic mismanagement of previous governments have left Burma with poor infrastructure, endemic corruption, underdeveloped human resources, and inadequate access to capital, which will require a major commitment to reverse. The Burmese Government has been slow to address impediments to economic development such as unclear land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system.
6.8% (2017 est.)
5.9% (2016 est.)
7% (2015 est.)
8.8% (2019 est.)
6.8% (2018 est.)
4.6% (2017 est.)
$277.909 billion (2019 est.)
$270.109 billion (2018 est.)
$253.028 billion (2017 est.)
note: data are in 2010 dollars
$76.606 billion (2019 est.)
$5,142 (2019 est.)
$5,029 (2018 est.)
$4,740 (2017 est.)
note: data are in 2017 dollars
29.4% of GDP (2018 est.)
26.2% of GDP (2017 est.)
17.6% of GDP (2016 est.)
agriculture: 24.1% (2017 est.)
industry: 35.6% (2017 est.)
services: 40.3% (2017 est.)
household consumption: 59.2% (2017 est.)
government consumption: 13.8% (2017 est.)
investment in fixed capital: 33.5% (2017 est.)
investment in inventories: 1.5% (2017 est.)
exports of goods and services: 21.4% (2017 est.)
imports of goods and services: -28.6% (2017 est.)
Overall score: 46.8 (2020)
Starting a Business score: 89.3 (2020)
Trading score: 47.7 (2020)
Enforcement score: 26.4 (2020)
rice, sugar cane, beans, vegetables, milk, maize, poultry, groundnuts, fruit, plantains
agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments; jade and gems
8.9% (2017 est.)
22.3 million (2017 est.)
agriculture: 70%
industry: 7%
services: 23% (2001 est.)
4% (2017 est.)
4% (2016 est.)
24.8% (2017 est.)
30.7 (2017 est.)
lowest 10%: 2.8%
highest 10%: 32.4% (1998)
revenues: 9.108 billion (2017 est.)
expenditures: 11.23 billion (2017 est.)
13.5% (of GDP) (2017 est.)
-3.2% (of GDP) (2017 est.)
33.6% of GDP (2017 est.)
35.7% of GDP (2016 est.)
1 April - 31 March
$240 million (2019 est.)
-$2.398 billion (2018 est.)
$16.267 billion (2018 est.)
$14.611 billion (2017 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
China 24%, Thailand 24%, Japan 7%, Germany 5% (2019)
natural gas, clothing products, rice, copper, dried legumes (2019)
$14.958 billion (2018 est.)
$16.21 billion (2017 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
China 43%, Thailand 15%, Singapore 12%, Indonesia 5% (2019)
refined petroleum, broadcasting equipment, fabrics, motorcycles, packaged medicines (2019)
$4.924 billion (31 December 2017 est.)
$4.63 billion (31 December 2016 est.)
$6.594 billion (31 December 2017 est.)
$8.2 billion (31 December 2016 est.)
kyats (MMK) per US dollar -
1,361.9 (2017 est.)
1,234.87 (2016 est.)
1,234.87 (2015 est.)
1,162.62 (2014 est.)
984.35 (2013 est.)
NOTE: The information regarding Burma on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Burma 2021 information contained here. All suggestions for corrections of any errors about Burma 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.