Myanmar is undergoing a historic transition. After decades of armed conflict and economic stagnation, the country is beginning to make important strides toward realizing its potential and the aspirations of its people.
Our engagement in Myanmar started more than 60 years ago when it became a member of the World Bank, soon after gaining independence from British rule.
Back in 1955, the Bank’s first economic report stated: “the lack of security remains a disrupting influence on the economic life of the country” while “the long term economic potentials are bright” on account of its moderate population growth and abundant natural resources. It also noted the importance of “encouraging private sector enterprise to improve the standard of living of the people”— these are topics that continue to resonate in today’s development discourse.
In the early 1950s, Myanmar’s GDP per-capita was comparable to that of Thailand, Korea, and Indonesia. Like others in the region, Myanmar was coming out from colonial rule and a period of struggle. Sixty years on, Myanmar has a per capita GDP just above $1,100, less than one third the average for ASEAN countries and one of the lowest in East Asia.
The good news is that Myanmar has begun the catch up process. Major political and economic reforms since 2011 have increased civil liberties, reduced armed conflict, and removed constraints to trade and private enterprise that long held back the economy.