World Bank Partners with Myanmar to Support Ongoing Development

Myanmar (Burma) is one of the poorest nations in Asia. It ranks 208 of 227 countries indexed by the CIA in per capita gross domestic product (GDP); but, several recent economic policy changes have improved conditions in the nation, and the World Bank has taken note. 

Myanmar (Burma) is one of the poorest nations in Asia. It ranks 208 of 227 countries indexed by the CIA in per capita gross domestic product (GDP); but, several recent economic policy changes have improved conditions in the nation, and the World Bank has taken note. 

Vice President for East Asia and the Pacific, Alex van Trotsenburg, pledged to continue providing development support to Myanmar. Van Trotsenburg and the World Bank released a statement Monday after having a meeting in Naypyidaw with Aung San Suu Kyi. In the statement, he reaffirmed the World Bank’s position as a partner to the Burmese government in its efforts to improve its economic conditions, cooperate with the World Bank’s requirements, and work towards the goals of “ending extreme poverty and promoting growth.”

The World Bank’s Vice President had met with the Burmese National League for Democracy (NLD) representatives on Monday before releasing the statement. The meeting also included senior government officials, including the Minister of Finance and the Lower House Speaker. The meeting was to discuss the World Bank’s ongoing role in supporting Myanmar’s economic growth.

“[Burma’s] historic transformation over the last couple of years has delivered significant economic gains,” van Trotsenburg said in the statement. “Between 2011 and 2014, [Burma’s] economy grew at an average rate of seven percent per year, which is among the fastest in East Asia. The country now has the opportunity to advance reforms further, so growth will benefit more people across geographical areas, ethnic communities and income groups in [Burma].”

Of chief concern for both the World Bank and the Burmese government were the issues of closing the gap in access to basic services, reducing poverty in rural areas while simultaneously increasing agricultural output, enhancing the nation’s climate for attracting business, expanding access to energy, and strengthening the role of the government in financial affairs. 

The World Bank Group created a Country Partnership Framework (CPF) with Myanmar last year. The CPF is set to run from 2015 to 2017, and it details how the World Bank Group will help it find its way to a more productive, free economy, while supporting the ideals of democracy. 

After many years of attempting to operate without support from the West, Myanmar and the World Bank first reconnected in 2012. Since that time, the Asian country has made great strides at developing its lagging economy, often with the help of the World Bank.

Thanks to the World Bank’s efforts, Myanmar has gone from a largely stagnant economy to one classified as “emerging.” Given the Burmese dedication to the World Bank’s recommendations, the World Bank has pledged to continue to support the nation in the development of its infrastructure, economy, and government programs.