Asian Development Bank and Myanmar: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on the Myanmar as well as concise information on ADB's operations in the country and contact information. Myanmar is the second largest country in Southeast Asia, bordering five nations, and is endowed with rich natural resources—arable land, forestry, minerals (including gas and oil), and freshwater and marine resources. The economy slowed to an estimated 3.6% in fiscal year (FY) 2008 (ended 31 March 2009) from 5.5% in FY2007. Myanmar was not directly hit by the global recession and world financial crisis, given its absence of trade and financial linkages with industrial countries. However, exports and private consumption were reduced by the combined effect of economic slowdowns in neighboring economies, a collapse in commodity prices, and the impact of Cyclone Nagis. Economic growth likely picked up to about 4.4% in FY2009, in tandem with a recovery in regional demand and a partial recovery in agricultural production in areas damaged by the cyclone. Private consumption is, however, likely to have remained subdued by a slowdown in inward remittances, and stagnant rural incomes as farm-gate prices remained depressed. Inflows of foreign direct investment into the energy sector helped to lift international reserves from about $4 billion in FY2008 to $5 billion at the end of FY2009, equivalent to 8 months of imports.