Myanmar's economy has grown between 6 to 8 per cent every year since 2012, when the United States eased sanctions against the country. The country has become a key market of interest for foreign investors, especially in infrastructure development. Its economy is fast digitising, spurred on by a booming start-up scene. However, some challenges in liberalising reforms remain, due to the gaping urban-rural divide and underdeveloped nature of the country's economy.
Population size
Median age
Capital
Currency unit
Internet penetration rate
Mobile penetration rate
US$1,351
2020 estimated
GDP per capita
1.8% | 7.5%
Real GDP growth projection
(Annual per cent change,
2020 & 2021)
N/A
S&P global ratings
24.7 mil
Total labour force (2019)
75.6%
Literacy rate (2018)
US$3.60
Minimum wage for 8
hours’ work (2018)
25%
Corporate tax
10
Number of DTAs
0%
Dividend withholding tax
0%
Interest withholding tax
10%
Capital gains tax
Regulated
FX control
Exports US$18 bil |
Imports US$19 bil |
|
|
Based on 2019 data
Myanmar Investment Law (2016)
Special Economic Zones (SEZs)
Myanmar Companies Act (2017)
Myanmar Sustainable Development Plan (MSDP)
Sources: UOB Global Economics & Markets Research, World Economic Outlook (October 2019 and April 2020), World Bank, UNESCO Institute of Statistics, Directorate of Investment and Company Administration (DICA), PwC, Ministry of Planning and Finance
This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.
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