Burma Economy

Is Burma a wealthy country?

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 of under 6% in 2011 but has been volatile between 6% and 7.2% during the past few years. 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 the 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.

Burma Economy Data

What is the GDP of Burma?

Currency Name and Code kyats (MMK)
GDP - Gross Domestic Product (PPP) $247,240,000,000 (USD)
GDP - official exchange rate $68,280,000,000 (USD)
GDP - real growth rate 8.1%
GDP Per Capita $6,000.00 (USD)
GDP by Sector- agriculture 26.3%
GDP by Sector- Industry 27.5%
GDP by Sector- services 46.2%
GDP - composition, by end use Household Consumption: 57.9%

Government Consumption: 6.2%

Investment in Fixed Capital: 37.7%

Investment in Inventories: 0.2%

Exports of Goods and Services: 24.4%

Imports of Goods and Services: -26.4%
Population Below Poverty Line 32.7%
Inflation Rate 7%
Labor Force 37,150,000
Labor Force By Occupation- agriculture 70%
Labor Force By Occupation- industry 7%
Labor Force By Occupation- services 23%
Unemployment Rate 4.8%
Fiscal Year 1 April - 31 March
Annual Budget $8,944,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -3%
Taxes and other revenues - percent of GDP 13.1%
Major Industries Agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments; jade and gems
Industrial Growth Rate 12.2%
Agriculture Products Rice, pulses, beans, sesame, groundnuts; sugarcane; fish and fish products; hardwood
Exchange Rate per US Dollar 1205.9
Commercial Bank Prime Lending Rate 15%

Labor Force by Occupation- As reported by Burma

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe