MOFA: About Myanmar: Current Economic Performance

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About Myanmar : Current Economic Performance

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At the time of assumption of state power in 1988, the economy was in an extremely bad shape having had suffered severe declines for three consecutive years from 1986/87 to 1988/89. Thus, in the light of market-oriented economic system the Government took urgent reform measures to cease the decline and spur immediate recovery and stabilization of the 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 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, especialls agriculture and export promotion. The plan was successfully implemented with an average annuual growth rate of 7.5 percent against the targeted reate of 5.1 percent.

The 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 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, thus indirectly impacting on Myanmar. However, even then, the GDP growth was still considerable registering 4.6 pwercent in 1997/98. By 1998/99, the economy bounced back showing a GDP growth of 5.7 percent.

Exports and imports increased during 1988/89 and 1998/99 registering from US$ 320 million to US$ 1,134 million for exports anf from US$ 541 million to US$ 2,480 million for imports.

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 endeavours gained further momentum and in 1999-2000 the GDP grew by 10.9 percent.

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