With an estimated 60 million inhabitants Myanmar is the world’s 24th-most-populous country and was ranked as the 75th largest economy in the world in 2013.
In 2011, its GDP grew at an annual rate of 5.5%. Since 2012, with the Economic liberalization and the suspension of economic and political sanctions against Burma, foreign trade is rising, especially with Thailand, China, and India.
Agriculture: The main categories are in % of total exports Mineral Fuels & Distillation Products (38.6%), Timer & Wood Products (12.8%), Vegetable and Fruits (10.31%), Pearls & Precious Stones (9.8%), Fish (3.5%).
Industry: The main category is in % of total exports Textile (10.5%). The production is expecting to rise , with for example 6 of Thailand’s largest garment manufacturers announcing in march 2012 that they would move production to Burma, citing lower labor costs. Other industries include agricultural goods, construction materials.
Main export partners are Thailand (40.5%), India (14.7%), China (14.2%), Japan (7.4%).
The lack of an educated workforce skilled in modern technology contributes to the growing problems of the economy. The country lacks adequate infrastructure, railways are old and rudimentary, and highways are normally unpaved, except in the major cities. Energy shortages are common throughout the country including in Yangon. The military government has the majority stakeholder position in all of the major industrial corporations of the country. Inflation is as well a serious problem for the economy, with an average of 30.1% between 2005 and 2007.
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