The Report: Myanmar 2020
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Foreign companies are showing interest in Myanmar’s geostrategic location, abundant natural resources and youthful population. A focus on following international best business practices and reducing the informal economy, paired with an annual GDP growth forecast at around 6% in the coming years, is setting Myanmar on a path to catch up with some regional peers.
One of the fastest-growing economies in Southeast Asia, Myanmar has been steadily opening up to international trade and investment over the past decade. A new long-term economic development agenda, alongside ongoing liberalisation and the easing of restrictions on foreign investors – notably, within the insurance sector – and considerable growth in some manufacturing segments, is set to encourage increased foreign direct investment.
While external economic headwinds and internal conflict pose challenges, the government is making significant strides in its efforts to implement reforms, foster reconciliation and sustain overall growth. With great potential to be found in key sectors – such as energy, manufacturing, tourism, agriculture and banking – Myanmar is poised to remain one of Asia’s most promising destinations for investment in the years to come.
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