17 Feb, 2020

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Myanmar

Myanmar is the 69th largest economy by nominal GDP. GDP per capita is $1,326 USD. The country is rich in natural resources but since independence has suffered under long periods of military rule. It was ranked 107th in the World Bank's Human Capital Index. It is a member of ASEAN. Services accounted for 40.4 percent of GDP in 2017, followed by manufacturing (23.9 percent), and Agriculture (23.3 percent). The largest export sectors in 2017 were minerals (23.4 percent), services (22.5 percent), textiles (19.3 percent), and agriculture (18.7 percent). The largest export products were liquefied natural gas (14.65 percent), travel and tourism (12.27 percent), ICT services (9.3 percent), and dried legumes (4.5 percent). Its largest export partners were China (31 percent), Thailand (18.85 percent), Japan (6.9 percent), Singapore (5.15 percent), and Indonesia (5.15 percent). The largest import goods were refined petroleum (11 percent), transmission apparatus for radio, television, and telephones (4.77 percent). In 1824, the Konbaung dynasty captured the Indian state of Assam, which led to three wars with the British. At the end of the third war in 1885, the British annexed Myanmar and made it part of British India. Under the British, Myanmar became a leading exporter of rice. During WW2, Japan occupied Myanmar. After the war, the British retuned. In 1947, Myanmar regained its independence. After a second coup in 1962, the military took control. They implemented the "Burmese Way to Socialism". This included mass nationalisation of industries and the rejection of foreign influence and investment. There was also ongoing conflict with minority ethnic groups. The policies had a negative effect on the economy. Rice exports plummeted and the black market grew. In 1988, the people protested against conditions. A group of military commanders reasserted control (SLORC). In 1989, they placed opposition leader Aung San Suu Kyi under house arrest. And they refused to give up power after Aung San Suu Kyi's party won the elections in 1990. In 2011, the military introduced several economic and political reforms. They also opened the country up to investment. In 2015, general elections were held and Aung San Suu Kyi's party, the National League for Democracy came to power. In January 2020, the International Court of Justice ordered Myanmar to prevent the genocide of the Rohingya minority. International concerns were heightened in 2017 after large numbers of Rohingya fled into India following persecution from the Myanmar military.