Myanmar Fact Sheet

  • MyanmarMyanmar

About

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.

53.7 mil

53.7 mil

Population size

29.2 years

29.2 years

Median age

Naypyidaw

Naypyidaw

Capital

Burmese kyat (MMK)

Burmese kyat (MMK)

Currency unit

41%

41%

Internet penetration rate

126%

126%

Mobile penetration rate

Economy


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

Labour


24.7 mil

Total labour force (2019)


75.6%

Literacy rate (2018)

US$3.60

Minimum wage for 8
hours’ work (2018)

Key Sectors

  • Agriculture
  • Aquaculture and fisheries
  • Extractive industries (mining, oil and gas)
  • Forestry-based industries
  • Infrastructure
  • Manufacturing
  • Power
  • Tourism and hospitality
  • Urbanisation

Tax Profile


25%

Corporate tax


10

Number of DTAs


0%

Dividend withholding tax


0%

Interest withholding tax


10%

Capital gains tax


Regulated

FX control

Trade

Exports
US$18 bil
Imports
US$19 bil
  1. China
  2. Thailand
  3. Japan
  4. Germany
  5. United States
  1. China
  2. Singapore
  3. Thailand
  4. Malaysia
  5. Indonesia


Based on 2019 data

Others

Economic zones

Economic zones

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Government agencies and business chambers

Government agencies and business chambers

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Key government initiatives and incentives

Key government initiatives and incentives

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  • 3 Special Economic Zones (SEZs)

Myanmar Investment Law (2016)

  • Corporate tax exemptions for seven, five or three years depending on the investment's region.
  • Long-term lease rights (on land or buildings) for up to an initial 50-year period and two consecutive 10-year extensions.

 

Special Economic Zones (SEZs)

  • Five to seven years' corporate tax holiday, depending on the zones.
  • 50 per cent relief on income tax for the second five years.
  • Possibility for investors to lease land up to 75 years (50 years plus 25 years' extension).

 

Myanmar Companies Act (2017)

  • Foreign investors can now hold up to 35 per cent of shares in a local company.
  • Registration of companies via Myanmar Companies Online (MyCO).

 

Myanmar Sustainable Development Plan (MSDP)

  • Project Bank enables development assistance, budget allocation and private sector participation for strategic infrastructure projects.

 

 

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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