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Economic Update
Myanmar Year in Review 2013
Myanmar | 6 Jan 2014
From the announcement of an inaugural international telecoms tender to the awarding of lucrative oil
blocks, as well as the ongoing challenge for peace in the Kachin and Rakhine states, 2013 was not
short of headlines for this once isolated nation.
A year after the passing of the Foreign Investment Law, the role of Chinese investors has diminished
while the ow of funds from the West and other ASEAN members has increased.
An improved picture
Throughout 2013, the US government eased sanctions, which has increased interest from US rms
looking to tap into the frontier market. South Korea and Japan further extended their reach to the
country and will play a vital role in the evolution of the economy, with investment commitments across
infrastructure, the development of special economic zones and the announcement, in June, by
Japanese Prime Minister Shinzo Abe to cancel debt amounting to $1.74bn.
Liberalisation of the nancial sector could hasten development and further boost foreign investment.
The Central Bank of Myanmar (CBM) gained independence this year, while steps have been taken to
adopt new exchange rate mechanisms, liberalise the insurance market and set up ATMs nation-wide.
Another key development is the governments commitment to establish the Yangon Stock Exchange
(YSE). The exchange is being set up with the oversight of Daiwa Securities Group, the Japanese
government and Myanmar Economic Bank, and is expected to open in 2015 in line with the
commencement of the ASEAN Economic Community. Although the nance sector is maturing at a
rapid rate, considering that the majority of transactions were previously handled in cash, many
experts believe it will be a challenge to launch the YSE by 2015.
In June, U Htay Aung, the minister of hotels and tourism, unveiled the Tourism Master Plan (TMP),
which set out a goal of boosting annual tourism receipts from $534m in 2012 to $10.8bn by 2020. In a
year that saw property and hotel rates rocket, with average expenditure on accommodation at
$200-299 per night in Yangon, onlookers will be keen to see the effect the proposed plan will have on
room rates and availability.
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MORE FROM OBG
Although the country was hard hit by the effects of the global nancial crisis
in 2008-09 due to its close links to the US, at rst the economy began to
recover albeit slowly.
Oxford Business Group's rst report on Mexico is due to be published this
year.
Read more
lagged due to red tape and transparency issues. However, government plans to implement the
Extractive Industries Transparency Initiative, as well as a new mining law due to be passed in March
2014, mean that foreign participation is set to rise steadily.
The road ahead
Access to quality health and education remains a major challenge. Notwithstanding, investment has
risen signicantly in these sectors since the appointment of President U Thein Sein, though the
majority of aid to the population 70% of whom live in rural areas is still provided by
non-governmental organisations. Another issue is the recent jump in ination, which reached 7.33%
in August due to high prices for food, gas and electricity, according to the Central Statistical
Organisation for Myanmar.
Although the government has received international recognition for taking measures to enhance
transparency, the country still has a long road ahead in rooting out corruption. Ranking 157 out of 177
countries in the Transparency Internationals Corruption Perceptions Index 2013 an improvement
on its 2012 position of 172 investor condence will improve further with more commitment by the
authorities in this area.
Looking ahead, the government and the CBM will need to keep a watchful eye on various indicators,
and with upcoming state elections nearing, 2014 promises to be a key year.
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