Myanmar – The Truth about its Economy
When it comes to developing countries in the world, there are few out there with such an optimistic prospect as Myanmar. At the heart of Asia and with a lot of natural resources to exploit, this country’s future economic development is a lot like a reality TV show for entrepreneurs from all over the world waiting around to seize the perfect moment to invest in it and to start businesses there.
The truth is that Myanmar’s future depends on a series of factors that may transform it overnight in a great economic power (a “new tiger” such as South Korea, Taiwan and Dubai were back in their time). On the other hand though, the decisions that will be taken in the near future may also bring Myanmar on the brink of becoming the latest “white elephant” of the economy: a burden and something that is gorgeous but that is much too expensive to handle.
The very first thing Myanmar would have to do is to work out their digital system. In an era where every single piece of information travels at a very high-speed, a country’s economic development can be harshly influenced by its telecommunications system. Myanmar will have to emphasize on this part a lot and in a couple of years at most it could manage to reach a very high level from this point of view.
Also, another thing Myanmar officials will have to take care is the type of economy they want to focus on. While most of the emerging economies out there have been focusing on manufacturing, it seems that ever since it became free, Myanmar has focused almost exclusively on agriculture, which is not the most powerful out of all the economic sectors. If they work this out and start focusing on manufacturing, things could go very well from then on.
Furthermore, the fact that Myanmar is still an agriculture-based economy is in close connection that their urban field lacks a lot. As a matter of fact, it appears that most of the Myanmar settlements are rural and this is another thing they will have to work out with.
In addition to these things, a set of laws to encourage foreign entrepreneurs and investors will definitely be extremely attractive for a lot of them out there. Managed right, this country could multiply the size of its economy at least 4 times by 2030.
Although the situation in Myanmar is still not very stable, there are a few adventurous entrepreneurs and investors out there who have already started doing business there. Still, if you decide to make this step, you will have to acquire as much information as possible on the types of businesses that could be profitable at the moment in this country.