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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 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 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.
With a view to future economic growth, a third five-year short term plan
(2001/2002 to 2005/2006) with a targetted average annual growth rate of
(6%) is in the course of implementation.
Exports and imports increased during 1988/89 and 2000/2001 registering
from US$ 320 million to US$ 1,977 million for exports and from US$ 541
million to US$ 2,483 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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