Prior to the COVID-19 pandemic, economic growth in Myanmar was projected to pick up to 6.3 percent in FY2019/20 and 6.4 percent in FY2020/21. The government adopted an ambitious Myanmar Sustainable Development Plan, reinvigorated its economic reform agenda, and gradually begun to tackle the more difficult second-generation reforms needed to sustain the economic transition. Reform momentum slowed after 2016 as a newly elected civilian government grappled with defining its economic vision and managing the public administration to implement policies and programs. Poverty almost halved, falling from 48 percent to 25 percent between 20. Unification of exchange rates, initial liberalization of product and factor markets, integration into regional markets, and modernization of economic and financial institutions and systems resulted in rapid economic growth (above 7 percent per year) and measurable improvements in social welfare since 2011. The country’s opening, in 2011, and the first democratic elections, in 2015, marked critical turning points for Myanmar, generating a wave of optimism. įor the last decade, the World Bank Group has been a committed partner in supporting Myanmar’s transition to democracy, and its efforts to achieve broad-based sustainable growth and increased social inclusion. For the World Bank’s statement on recent developments in Myanmar, see here. The following information is current as of the end of 2020.
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