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Various ethnic Burmese and ethnic minority city-states or kingdoms occupied the present borders through the 19th century. Over a period of 62 years (1824-1886), Britain conquered Burma and incorporated the country into its Indian Empire. Burma was administered as a province of India until 1937 when it became a separate, self-governing colony; in 1948, Burma attained independence from the British Commonwealth. Gen. NE WIN dominated the government from 1962 to 1988, first as military ruler, then as self-appointed president, and later as political kingpin. In response to widespread civil unrest, NE WIN resigned in 1988, but within months the military crushed student-led protests and took power.

Location

Southeastern Asia, bordering the Andaman Sea and the Bay of Bengal, between Bangladesh and Thailand

Natural Resources

petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, marble, limestone, precious stones, natural gas, hydropower, arable land

Population - distribution

population concentrated along coastal areas and in general proximity to the shores of the Irrawaddy River; the extreme north is relatively underpopulated

53414374
Burmese (official)
RANGOON (Yangon) (capital) 4.802 million; Mandalay 1.167 million; Nay Pyi Taw 1.03 million (2015)
Conventional long form
Union of Burma
Conventional short form
Burma
Local long form
Pyidaungzu Thammada Myanma Naingngandaw (translated as the Republic of the Union of Myanmar)
Local short form
Myanma Naingngandaw
parliamentary republic
Name
Nay Pyi Taw
Geographic coordinates
16 48 N, 96 09 E
Time difference
UTC+6.5 (11.5 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Since the transition to a civilian government in 2011, Burma has begun an economic overhaul aimed at attracting foreign investment and reintegrating into the global economy. Economic reforms have included establishing a managed float of the Burmese kyat in 2012, granting the Central Bank operational independence in July 2013, enacting a new anti-corruption law in September 2013, and granting licenses to nine foreign banks in 2014 and four more foreign banks in 2016. State Counselor AUNG SAN SUU KYI and the ruling National League for Democracy, who took power in March 2016, are seeking to improve Burma’s investment climate, following the US sanctions lift in October 2016 and reinstatement of Generalized System of Preferences trade benefits in November 2016. In October 2016, Burma passed a revised foreign investment law that consolidates investment regulations and eases the investment approval process. Parliament is also expected to pass amendments to the Companies Law and Gemstone Law later this year.
Inflation
10.803%
External debt stocks
US$ 6,401,183,000
Total tax rate (% of commercial profits)
31.3%
Real Interest Rate
3.354%
Manufacturing, value added (% of GDP)
20.672%
Current Account Balance
US$ -2,493,832,749
Labor Force, Total
29,895,368
Employment in Agriculture
62.68%
Employment in Industry
12.04%
Employment in Services
25.15%
Unemployment Rate
0.81%
Imports of goods and services
US$ 17,784,000,000
Exports of goods and services
US$ 11,066,000,000
Total Merchandise Trade
40.93%
FDI, net inflows
US$ 4,083,839,112
Commercial Service Exports
US$ 3,793,869,894
rice, pulses, beans, sesame, groundnuts; sugarcane; fish and fish products; hardwood
agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments; jade and gems
Commodities
natural gas; wood products; pulses and beans; fish; rice; clothing; minerals, including jade and gems
Partners
China 37.8%, Thailand 25.7%, India 7.4%, Japan 6.2% (2015)
Commodities
fabric; petroleum products; fertilizer; plastics; machinery; transport equipment; cement, construction materials; food products� edible oil
Partners
China 42.1%, Thailand 18.4%, Singapore 11%, Japan 4.8% (2015)
Country Risk Rating
D
A high-risk political and economic situation and an often very difficult business environment can have a very significant impact on corporate payment behavior. Corporate default probability is very high.
Business Climate Rating
E
The highest possible risk in terms of business climate. Due to a lack of available financial information and an unpredictable legal system, doing business in this country is extremely difficult.
  • Ongoing democratic transition and opening of the economy
  • Abundant raw materials (rice, teak, minerals, gas, and oil)
  • Significant hydroelectric potential
  • Proximity to vibrant economies (India, China, and Thailand)
  • Huge tourist potential
  • Danger of serious ethnic conflict
  • Undiversified economy
  • Underdeveloped financial sector

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