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Concept
Economy of Myanmar
Summary
The economy of Myanmar is the seventh largest in Southeast Asia, with an estimated nominal GDP of US278.16 billion in 2023 according to the International Monetary Fund. For the 2023 estimate, GDP per capita in Myanmar would be 1,240.00 in nominal per capita. These economic statistics were a huge decline from the economic statistics of Myanmar in the fiscal year of 2020, in which Myanmar's nominal GDP was 279.14 billion. The cause of the deterioration in the economy is due to the 2021 coup d’état by the Tatmadaw after they accused the elections to be fraudulent.
Historically, Burma was the main trade route between India and China since 100 BC. The Mon Kingdom of lower Burma served as important trading centre in the Bay of Bengal. The majority of the population involved in rice production and other forms of agriculture. Burma used a system based on silver as a medium of exchange. All land was technically owned by the Burmese monarch. Exports, along with oil wells, gem mining and teak production were controlled by the monarch. Burma was vitally involved in the Indian Ocean trade. Logged teak was a prized export that was used in European shipbuilding, because of its durability, and became the focal point of the Burmese export trade from the 1700s to the 1800s.
Under the monarchy, the economy of Myanmar had been one of redistribution, a concept embedded in local society, religion, and politics (Dāna). The state set the prices of the most important commodities. Agrarian self-sufficiency was vital, while trade was only of secondary importance.
Under the British administration, the people of Burma were at the bottom of social hierarchy, with Europeans at the top, Indians, Chinese, and Christianized minorities in the middle, and Buddhist Burmese at the bottom.
Official source
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