Myanmar Today Development
Economy Situation in Myanmar
At the time of assumption of state power in 1988,Myanmar today development of economy was in an extremely better shape having had suffered severe declines for three consecutive years from 1986/87 to 1988/89. Thus, in the light of market-oriented Myanmar today economic system the Myanmar government took urgent reform measures to cease the decline and spur immediate recovery and stabilization of the Myanmar economy during the first three years from 1989/90 to 1991/92.
As soon as the rule of law and order was re-established and measures of Myanmar economic stability were restored, a Short Term Four Year Plan (1992/93 to 1995/96) was formulated with special focus given to the enhancement of production, especially agriculture and export promotion. The plan was successfully implemented with an average annual growth rate of 7.5 percent against the targeted rate of 5.1 percent in Myanmar.
As soon as the rule of law and order was re-established and measures of Myanmar economic stability were restored, a Short Term Four Year Plan (1992/93 to 1995/96) was formulated with special focus given to the enhancement of production, especially agriculture and export promotion. The plan was successfully implemented with an average annual growth rate of 7.5 percent against the targeted rate of 5.1 percent in Myanmar.
The Myanmar government formulated another Five Year Plan spanning 1996/97 to 2000/2001 in which the direction, priorities and strategies to be implemented during the next five years were charted and clearly identified. Average annual growth rate in real terms of the Gross Domestic Product (GDP) was targeted at 6 percent. During 1996/97, the GDP grew by 6.4 percent. The financial crisis in Asia resulted in 5.6 percent reduction of foreign investment in Myanmar, thus indirectly impacting on Myanmar economy situation. However, even then, the GDP growth was still considerable registering 4.6 percent in 1997/98. By 1998/99, the Myanmar today economy bounced back showing a GDP growth of 5.7 percent.
Myanmar Exports and imports increased during 1988/89 and 1998/99 registering from US$ 320 million to US$ 1,134 million for exports and from US$ 541 million to US$ 2,480 million for imports Myanmar government report.
Myanmar Exports and imports increased during 1988/89 and 1998/99 registering from US$ 320 million to US$ 1,134 million for exports and from US$ 541 million to US$ 2,480 million for imports Myanmar government report.
Myanmar has been trading mainly with Asian countries. During the year 1998/99, trade with Asia (including Japan) accounted for 71.9 percent of total exports and 93.9 percent of total imports.
Myanmar's development endeavors gained further momentum and in 1999-2000 the GDP grew by 10.9 percent. That is all economy situations in Myanmar Today.
