Myanmar, also known as Burma and officially as the Republic of the Union of Myanmar, became independent from the United Kingdom in 1948, after which it was ruled by a military dictatorship between 1962 and 2011.
Among the main resources of Myanmar are oil, natural gas, jade, gems and other natural resources. It should be noted that for political reasons, the income gap in Myanmar is among the largest in the world: part of the economy is still controlled by supporters of the previous military government. Agriculture is the main economic activity of the country, occupying almost two-thirds of the economically active population. Its industrial production is in recession, as is the country's extractive industries.
That said, the political transition now experienced by Myanmar has had radical effects on its economy, and the World Bank expects it to be among the fastest growing economies in the next three years. New measures to facilitate foreign investment and doing business continue to be driven by the new government, with a view to accelerating this development.
A curious fact: The Myanmar press has cited Chile on numerous occasions as an example and learning how to move towards democracy after a military regime.
GDP Growth rate:
Myanmar is a LOW-MIDDLE income FRONTIER economy
Market recently opened to globalization
Almost all sectors experiencing high-growth
Boom in demand for consumer and electronic goods
Petroleum & Gas
High growth Sectors