myanmar economic system Essay

INTRODUCTORY CHAPTER

Economic Reforms in Myanmar:

Pathways and Prospects

Hank LIM and Yasuhiro YAMADA

This phase should be offered as:

Lim, H. and Yamada, Sumado a., 2012. " Economic Reforms in Myanmar: Pathways and Prospects. ” In Economic Reforms in Myanmar: Pathways and Potential customers, edited simply by Hank Lim and Yasuhiro Yamada, BRC Research Record No . twelve, Bangkok Research Center, IDE-JETRO, Bangkok, Thailand.

Introductory Section

Economic Reforms in Myanmar: Pathways and Prospects

Hank LIM and Yasuhiro YAMADA

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The preliminary chapter is intended to provide a review of the 8 chapters written under the banner of the Bangkok Research Middle (BRC). These kinds of chapters cover a wide range of problems important to the success of economic reconstructs and what Myanmar may learn from advancement experiences of Thailand and Vietnam and also other neighboring ASEAN economies. The critical concerns at stake are recorded how to agreement policy focal points and coverage sequencing to the ongoing financial reforms in Myanmar? First and foremost in a changeover process, Myanmar must have macroeconomic stabilization, selling price and marketplace liberalization and privatization of state enterprises. Policy focus on must be set to control inflation and to arranged prices, interest and exchange rate within a correct position with the source and demand conditions in the economy. Pursuing successful macroeconomic management, insurance plan makers must be able to mobilize domestic assets and to appeal to foreign direct investment not simply required to build industries nevertheless also to transfer skill and technology to Myanmar. In this respect, Myanmar can make money from the accomplishment and mistake from the border countries' encounter in taking care of FDI. It is additionally equally important to create industrialization technique that would not really exacerbate development disparity among states and regions, and relative inequality among different income teams. Due to the importance of agriculture in providing work, social security nets and sources of development, Myanmar must continue to conform a extremely important policy importance in increasing agriculture output and enhanced allocation of resources to the local government. The existence of Myanmar migrant workers in Thailand provides an attractive plan option to restore these employees who would end up being potentially surrounding readily towards the much needed skilled workers inside the manufacturing, support and farming sectors in Myanmar. Economical reforms when it comes to payment and settlement program should be given policy priority immediately after macroeconomic stabilization. To the contrary, initiating liberalization of financial and banking industries and capital flows must be carefully looked at at later stages because premature monetary sector opening may create instability to the aggregate economic climate. The section on the ASEAN Economic Community provides a extensive assessment of the opportunities and challenges facing Myanmar. Ultimately, the setup of plan 1

priorities and sequencing of monetary reforms is definitely critically dependent upon a strong political leadership maintained efficient government of open public bureaucracy

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This study entitled " Economic Reforms in Myanmar: Pathways and Prospects” is definitely undertaken underneath the auspices of JETRO Bangkok Research Middle (BRC). The objective is to offer a comprehensive evaluation of the pathways and leads of the Myanmar economy next political and economic liberalization initiated by President Thein Sein since March 2011. After many years of monetary isolation, Myanmar has started a series of progressive and significant changes of economic reforms aimed at increasing structural alter and economic development. On 19 06, 2012, President U Thein Sein reported that the government started this season the Second Phase of reform technique seeking a 7. six percent gross annual...

References: Kudo, T. and Kumagai, T., 2012, Two-Polar Growth Strategy in Myanmar: Seeking

" High” and " Balanced” Development, GAGASAN Discussion Newspaper No . 371, Chiba:

Institute of Developing Economies.

Rhee, C. Sumado a., 2012, Dealing with Income Inequality in Asia, [presentation material of

Asian Expansion Outlook record, July 2012. ]

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