As you know, Myanmar is an ideal destination that owns the land of vibrant cultures, friendly people and stunning landscapes. Hence, Myanmar is a pleasant place for travelers to experience many interesting and valued items. In the recent years, Myanmar Economy is more and more improved after opening the door of the market. Thus, Myanmar tourism is also developed in order to attract a large of number of visitors in each year. In the article, you will get more information about both of Myanmar Economy also like its culture before traveling this country.
Background of Myanmar Economy
In the history, Myanmar is one of the world’s poorest countries. While some of its Asian neighbors like Singapore, Thailand, Malaysia have the fast developed economy in recent decades, Myanmar has become an economic basket case with a per capita income estimated at between $600 and $800. The Myanmar economy remains largely agricultural. The manufacturing – important industry in this country is poorly developed. Although Burma is a resource-rich country, it suffers from government controls, inefficient economic policies, and rural poverty. This country has a lack of technology, poor access, the shortage the spare parts to take advantages of resources.
Since 2011, Myanmar has returned to the global marketplace – sanctions have been lifted and the economy is increasingly opened for trade and investment. Between 2011 and 2014, export and import trade increased by 11% per year and approved foreign direct investment soared by 98% each year, both starting from a very low base. Global buyers in apparel are stepping up purchases from Myanmar’s textile industry, bringing expansion to this labor-intensive sector. Myanmar’s successful liberalization of the telecommunications sector has lowered the cost of phones, texting and internet access for people and businesses. The government has some policies in order to attract foreign investment and reintegrate the country into the global economy. For distance, they have some improvements in the management of currency float, a new anti-corruption law, encourage to 13 foreign banks and upgrading human resources which require a major commitment.
Myanmar can be as successful in its transformation from the great economic potential. They also determine the main business forward to overcome bureaucratic and technological frustrations, emboldened by the spirit of social change and new economic reform.
Myanmar is depended on the rule of ethnic groups, so economic sectors will depend on consultations with local communities. Only with the participation and inclusion of these groups can the economic transformation effectively complement the ongoing peace process.
Achieving all of this is a tall order—but doable with strong leadership and public-private dialogue and cooperation. Progress in economic reforms can help to transform Myanmar into a peaceful, prosperous, and inclusive country, with a thriving private sector, high levels of employment and low levels of poverty.
In Burma’s economy, trade is the main factor which has the value of exports and imports count 43% of GDP. The average applied tariff rate is 4.6 percent. Nontariff barriers significantly impede trade. A number of foreign enterprises raise quickly in this country. State-owned banks dominate the underdeveloped financial sector. Access to credit remains poor, and the state often requires banks to channel loans to preferred sectors. As a result, Myanmar now has the fastest-growing economy in ASEAN, and is seen as a source of regional strength and a destination of opportunity. Moreover, international investment is expected to remain strong and the domestic economy is becoming increasingly efficient. Optimism reigns as the experiment in reform have proven durable.
According to statistics in 2018, Burma’s economic freedom score is 53.9. It has increased by 1.4 points for the investment freedom, property rights. The score of Burma is increased to get 33rd among 43 countries in the Asia region. In this country, the army remains a major political controls defense, border, and home affairs. And the salaries of human resources will be low in the region. In the purpose, financial-sector liberalization, labor-intensive export industries, and exploitation of sources fields will encourage growth.
The tourism -the most important sector in Myanmar Economy
Economic growth in Myanmar has slowed and the country’s fiscal and current account deficits have swelled over the past 2 years under the National League for Democracy government.
Understanding the importance of this sector, the Myanmar government has included tourism as a priority sector in the country’s Export Strategy and within the government’s Framework for Economic and Social Reforms. The government has also put into place a Tourism Master Plan (2013-2020), with a strategic focus on developing key destinations sustainably through effective planning and management.
Myanmar’s tourism sector is at an important juncture – between growth and sustainability. It is time that the government, private sector, development partners, civil society and local residents join hands to identify and address issues to support sustainable tourism. The challenges may be significant, but sustainability alone can create jobs and connect tourists with the local and diversified supply chains, benefiting other sectors and strengthening the country’s future economy.
Myanmar Currency
Coming Myanmar country, tourists will use both of US dollars and Burmese kyat. Almost hotels, domestic airfares train tickets, souvenirs shops, and restaurants in the tourist regions will use two currencies. As a large of foreigners are sometimes expected to pay in dollars for hotels, high-end restaurants and flights and so on. However, they also exchange from USD to Kyat in the bank and others to be convenient for purchasing. For distance, smaller purchases in retail shops, transportation fees and cheaper to mid-range meals are almost paid for in kyat. As local currency is readily available at ATMs, you can choose how much to take as it depends on the type of trip you are planning. If you have plan travel to some outside main cities, you need to bring enough money beforehand or make the necessary ATM withdrawal as it can be difficult to change money, and you will probably get a worse rate. ATMs are also more difficult to find in these areas.
There are some dollar papers you should bring to Myanmar to pay for like $10, $5 and $1 bills and take $100 or $50 bills for exchanging to kyat.
Also, pre-2006 dollar bills or ones with the letters AB and CB at the start of the serial number (at the top left corner of note) may not be accepted. Another currency can be accepted as an exchange currency is Euro. One suggestion for you is to carry dollars in a safe and popularity.
The price of souvenirs you can purchase
You are easy to find out the souvenirs in duty-free shops, department stores markets. You have many options for the exotic local goods, luxury buys for both foreigners and local people with the reasonable price. There are diversity souvenirs and mementos which tourist can take home. Otherwise, sellers in Myanmar don’t take the pressure off buying something you don’t necessarily want.
The Longyi
One of the most traditional items in Myanmar is the Longyi which is the native dress of local people and makes for a great gift. You should try their comfort, if you really love it, you can carry back to your country. As it is very difficult to find out in your home. Longyi is designed by a variety of styles from utilitarian to ornately ceremonial – a perfect gift. The price of Longyi is about 200.000 Kyats- 400.000 Kyats.
Paper Umbrella – Colorful Souvenir from Myanmar.
You can even visit the local workshops if going on a boat trip around Inle Lake. The artists usually perform their skills in front of the visitors, and you can see how they make the paper umbrellas and get them drawn with the beautiful designs. From flowers to animals, the colorful drawings directly on the paper umbrellas are very eye-catching and special. Taking pictures with the Burmese umbrellas are the interesting experience. Hence, make sure you buy an umbrella at least for the loved one! A paper umbrella is likely to cost 10.000 kyats.
Puppet – Typical Souvenir to Buy from Myanmar
Puppets have been used to perform in Myanmar for centuries. Right in National Museum of Myanmar in Yangon, the tourists can see puppetry performances with the patterns of the prince, princess, horses, etc. Surely, you can buy the preferred puppets and bring home as the awesome souvenirs. Symbolizing on the royal characters, the puppet items look real-life, colorful, and gorgeous enough to motivate your purchases. An item of this kind might cost more than 10.000 kyats.
Wind Bell – Significant Souvenir to Buy in Myanmar
Wind bell is sold in almost every places, especially in the pagodas and temples. The bells have various sizes and materials which make them the fantastic and lovely souvenirs. The bells’ surface is decorated with meaningful symbols illustrating the local historical attractions and astrology. Buying the Burmese wind chimes is so popular among the overseas tourists. The wind bells are said to help eliminate the bad spirits and get them away from the receivers and also bring good luck. Expect to pay about 1.000 kyats for a small bell, and 10.000 kyats for the big one.
Jewelry – Souvenir to Buy in Myanmar for Your Lovers
The shining jewels are available for sales in the areas of Inle Lake, Yangon, Bagan, and Mandalay. The jewels are often made of pearl, silver, and metal pieces. When you visit the local jewelry booths, pick up the favorites and pay for them. Believe it, you get what you pay for in Myanmar as the beautiful items are sold at the affordable prices. Of course, they are iconic and colorful. Some necklaces and bracelets of the Burmese ethnic groups can attract your eyes well. Get several sets of jewels for your girls and enjoy their big smiles while giving gifts.
Burmese Cigar – Thing to Buy While Shopping in Myanmar
The cigar in Myanmar is known for the warm and fragrant taste. You can try a cigar and see how the local women make it. One special thing about the Burmese product is that it is produced and packed with the natural materials. It costs around 100 kyats for a cigar.
