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Myanmar Economy

People in Myanmar tend to dress conservatively and lightweight suits are recommended during the day. Locals may wear a longyi, a traditional skirt-like garment (they are worn by men and women, with different types of pattern).
Doing business in Myanmar
People in Myanmar tend to dress conservatively and lightweight suits are recommended during the day. Locals may wear a longyi, a traditional skirt-like garment (they are worn by men and women, with different types of pattern).
Most commercial business transactions will be conducted in English. Business cards in Burmese script can be useful, and should be given and received with two hands.
Office hours:
Mon-Fri 0930-1630.
Economy:
While rich in natural resources, Myanmar's development has been hindered by its politics. Decades of cronyism and corruption mean that a small elite has become exceptionally wealthy at the expense of the vast majority, with many people living in extreme poverty. The largest single sector is traditional agriculture, mainly livestock and fishing. Teak wood is the country's other main export, much of it felled and traded illegally.
Myanmar has significant deposits of tin, copper, zinc, gemstones, silver, oil and coal: commercial exploitation provides some income, with several mining projects, some of them very controversial, being carried out in association with Chinese companies. Further significant sources of revenue include opium trafficking and gemstone mining, both of which were largely controlled by the military government and used to finance substantial arms purchases (required since the authorities have been engaged in civil war against various ethnic minority groups since independence). Although the government inaugurated in 2011 is nominally civilian, many of the same people are still in charge and the same cronies continue to enrich themselves.
There are few reliable economic statistics for Myanmar; the government has long reported growth as significantly higher than international estimates and understated the black market. After years of political isolation, however, Myanmar became a member of ASEAN in July 1997. Economic change accelerated in June 2012 when, in response to political reforms and the release of many political prisoners, the EU and US dropped many of their sanctions against trade with Myanmar.
The result is that many potential investors, who until recently may have been deterred by the government's appalling human rights record, are now looking to make a profit in Myanmar. In the meantime the army continues to deal brutally with ethnic minorities in the north of the country, and it remains to be seen whether the recent political reforms are fleeting or deeply rooted.
GDP:
US$54.05 billion (2012).
Main exports:
Natural gas, wood products, agricultural products and marine products.

Hotel MYANMAR

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