Since the transition to a civilian government in 2011, Myanmar has begun an economic overhaul aimed at attracting foreign investment and reintegrating into the global economy. Economic reforms have included establishing a managed float of the Burmese kyat in 2012, granting the Central Bank operational independence in July 2013, enacting a new anti-corruption law in September 2013, and granting licenses to nine foreign banks in 2014 and four more foreign banks in 2016.
State Counselor AUNG SAN SUU KYI and the ruling National League for Democracy, who took power in March 2016, are seeking to improve Burma’s investment climate, following the US sanctions lift in October 2016 and reinstatement of Generalized System of Preferences trade benefits in November 2016. In October 2016, Burma passed a revised foreign investment law that consolidates investment regulations and eases the investment approval process.
Parliament is also expected to pass amendments to the Companies Law and Gemstone Law later this year. The government reforms since 2011 and the subsequent easing of most Western sanctions led to accelerated growth, from under 6% in 2011 to roughly 8% in 2013 through 2016. While the economy is expected to grow by 6.5% this year, the World Bank and IMF predict that growth will return to over 7% per year during the next three years.
In 2015, growth slowed slightly because of political uncertainty in an election year, summer floods, and external factors, including China’s slowdown and lower commodity prices. Burma’s abundant natural resources and young labor force are attracting foreign investment in the energy, garment, information technology, and food and beverage sectors. Despite these improvements, living standards have not improved for the majority of the people residing in rural areas. Burma remains one of the poorest countries in Asia – approximately 26% of the country’s 51 million people live in poverty.
The isolationist policies and economic mismanagement of previous governments have left Burma with poor infrastructure, endemic corruption, underdeveloped human resources, and inadequate access to capital, which will require a major commitment to reverse. The Burmese government has been slow to address impediments to economic development such as insecure land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system.
AUNG SAN SUU KYI’s government is focusing on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and developing transportation and electricity infrastructure.
Here are the top 10 Richest People in Myanmar
These are the richest known people in Myanmar. There a little information regarding their net worth and sources of wealth.
10. Khin Shwe
Khin Shwe has served as a Member of Parliament from 2011 to 2016. In the Myanmar general election, 2010, he was elected as a Amyotha Hluttaw MP for Yangon Region’ Constituency № 9, Twante, Kawhmu, and Kungyangon Townships.
He is the chairman of Zaykabar Construction, one of the country’s largest construction companies.
He also serves as chairman for the National Development Group of Companies, Myanmar Tourism Board and the Myanmar Construction Entrepreneurs Association.
The Burmese government has awarded him two titles: Thiri Thudhamma Manijotadhara (1998) and Agga Maha Thirithudhamma Manijhotadhara (2001).
Khin Shwe is head of Sasana Nogghaha, a religious organization supported by the Burmese government.
Along with Htay Myint, Dagon Win Aung and Nay Zin Latt, Khin Shwe serves as a patron of the Myanmar Hoteliers Association