Myanmar Economic Forecast

Myanmar, which is also known as Burma, is a country with tremendous wealth when it comes to resources but because of current government control, the economy has experienced incredible poverty. Over the years, this country has made strides in building revenue from hydrocarbons but even with this, both economic and social environments have begun to fall apart primarily because of corruption and mismanagement. Myanmar also has an issue with imbalances on the economic front.

Myanmar, which is also known as Burma, is a country with tremendous wealth when it comes to resources but because of current government control, the economy has experienced incredible poverty. Over the years, this country has made strides in building revenue from hydrocarbons but even with this, both economic and social environments have begun to fall apart primarily because of corruption and mismanagement. Myanmar also has an issue with imbalances on the economic front. For instance, inflation, multiple exchange rates that are overvalued, financial deficits, unreliable statistics, and an inability to reconcile national accounts so a correct Gross Domestic Product or GDP can be determined are a few of the major problems. However, with response to the country’s attack in 2003 on AunG San Suu Kyi and her convoy, new economic sanctions were imposed by the US. One such change was the ban on all Burmese product imports, as well as no more financial services provisions by US individuals. Numerous crackdowns have been applied and investments/trades banned. Many changes are needed for Myanmar but with new laws now in place, the country has hope.

Myanmar GDP Forecast

Myanmar is noted as being one of the poorest of all countries in the world. In addition, for all countries in Asia, it has the least open economy. At one time, this country was extremely wealthy but after moving away from British administration, the country began to experience mismanagement, corruption, and stagnation. Years ago, Myanmar was a huge exporter of rice but now, the country is extremely corrupt and impoverished. Trying to determine accurate numbers for the Myanmar GDP (Gross Domestic Product, Current Prices, US Dollars) is nearly impossible but for 2008, reports were at $28.19 billion in US dollars. One year later, a 2.26% reduction occurred, leaving 2009 at $27.553 billion, placing the country at number 86 worldwide. Experts believe that 2010 will close around $28.67 billion and for 2015, $34.334 billion US currency.

Myanmar Unemployment Forecast

The Myanmar population is close to 56 million but because of the high rate of AIDS, life expectancy is low. Because of the higher than normal death rates, this country also has low population growth rates. For the number of people living in this country, the labor force is just 31 million. For the Myanmar unemployment rate, the most recent numbers are reported at 5%.

Myanmar Inflation Rate Forecast

To determine the Myanmar inflation rate, experts use averages for the given year rather than end-of-period. With this, the index of 2000=200 provides a means of accurate forecasting. In 2009, the inflation rate was at 7.866%, which placed the country at number 37 for world rankings. Compared to 2008 that closed at 22.50%, this was a 65.04% decline. In looking at predictions for 2010, experts feel only a slight change will occur from 2009, putting this year at 7.75%. While 2015 is expected to have a greater change, it should not be much, which would put this year-end at 9.25%.

Myanmar Current Account Balance Forecast

For the Myanmar current account balance, the transactions include goods, services, income, and current transfers, excluding financial and capital items. For 2008, the account balance was a negative $0.70 billion in US dollars and for the next 24 months, a 60.98% decrease was experienced. With this, 2009 closed at minus $0.272 billion at which time the country was ranked at number 90. For the future, experts forecast 2010 and 2015 at a negative $0.53 billion and positive $1.077 billion in US dollars.