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Burma, a resource-rich country, suffers from pervasive government controls, inefficient economic policies, and rural poverty. Despite Burma's emergence as a natural gas exporter, socio-economic conditions have deteriorated under the regime's mismanagement, leaving most of the public in poverty, while military leaders and their business cronies exploit the country's ample natural resources. The economy suffers from serious macroeconomic imbalances - including rising inflation, fiscal deficits, multiple official exchange rates that overvalue the Burmese kyat, a distorted interest rate regime, unreliable statistics, and an inability to reconcile national accounts to determine a realistic GDP figure. Burma's poor investment climate hampers the inflow of foreign investment; in recent years, foreign investors have shied away from nearly every sector except for natural gas, power generation, timber, and mining. The business climate is widely perceived as opaque, corrupt, and highly inefficient. Over 60% of the FY 2009-10 budget is allocated to state owned enterprises - most operating at a deficit. The most productive sectors will continue to be in extractive industries - especially oil and gas, mining, and timber - with the latter two causing significant environmental degradation. Other areas, such as manufacturing, tourism and services, struggle in the face of inadequate infrastructure, unpredictable trade policies, neglected health and education systems, and endemic corruption. A major banking crisis in 2003 caused 20 private banks to close; private banks still operate under tight restrictions, limiting the private sector's access to credit. The United States, the European Union, Canada, and Australia have imposed financial and economic sanctions on Burma, prohibiting most financial transactions with Burmese entities, imposing travel bans on Burmese officials and others connected to the ruling regime, and banning imports of certain Burmese products. These sanctions affected the country's fledgling garment industry, isolated the struggling banking sector, and raised the costs of doing business with Burmese companies, particularly firms tied to Burmese regime leaders. The global crisis of 2008-09 caused exports and domestic consumer demand to drop. Remittances from overseas Burmese workers - who had provided significant financial support for their families - slowed or dried up as jobs were lost and migrant workers returned home. Though the Burmese government has good economic relations with its neighbors, better investment and business climates and an improved political situation are needed to promote serious foreign investment, exports, and tourism.
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$57.49 billion (2009 est.)
country comparison to the world: 86
$56.47 billion (2008 est.)
$55.86 billion (2007 est.)
note:
data are in 2009 US dollars
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$27.55 billion (2009 est.)
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1.8% (2009 est.)
country comparison to the world: 86
1.1% (2008 est.)
3.4% (2007 est.)
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$1,100 (2009 est.)
country comparison to the world: 208
$1,100 (2008 est.)
$1,100 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 43.1%
industry:
19.8%
services:
37.1% (2009 est.)
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30.85 million (2009 est.)
country comparison to the world: 19
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agriculture: 70%
industry:
7%
services:
23% (2001 est.)
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4.9% (2009 est.)
country comparison to the world: 42
5% (2008 est.)
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32.7% (2007 est.)
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lowest 10%: 2.8%
highest 10%:
32.4% (1998)
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14.5% of GDP (2009 est.)
country comparison to the world: 137
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revenues: $1.18 billion
expenditures:
$2.432 billion (2009 est.)
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6.5% (2009 est.)
country comparison to the world: 160
26.8% (2008 est.)
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12% (31 December 2008)
country comparison to the world: 27
12% (31 December 2007)
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17% (31 December 2008)
country comparison to the world: 33
17% (31 December 2007)
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$622.6 billion (31 December 2008)
country comparison to the world: 5
$598 billion (31 December 2007)
note:
this number reflects the vastly overvalued official exchange rate of 5.38 kyat per dollar in 2007; at the unofficial black market rate of 1,305 kyat per dollar for 2007, the stock of kyats would equal only US$2.465 billion and Burma's velocity of money (the number of times money turns over in the course of a year) would be six, in line with the velocity of money for other countries in the region; in 2009, the unofficial black market rate averaged 1,090 kyat per dollar.
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$289.3 billion (31 December 2008)
country comparison to the world: 15
$216.9 billion (31 December 2007)
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$NA (31 December 2008)
$887.7 billion (31 December 2007)
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$NA
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rice, pulses, beans, sesame, groundnuts, sugarcane; hardwood; fish and fish products
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agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade and gems
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1.2% (2009 est.)
country comparison to the world: 63
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6.286 billion kWh (2007 est.)
country comparison to the world: 104
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4.403 billion kWh (2007 est.)
country comparison to the world: 113
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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18,880 bbl/day (2009 est.)
country comparison to the world: 75
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42,000 bbl/day (2009 est.)
country comparison to the world: 102
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2,200 bbl/day (2007 est.)
country comparison to the world: 114
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18,250 bbl/day (2007 est.)
country comparison to the world: 115
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50 million bbl (1 January 2009 est.)
country comparison to the world: 77
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12.4 billion cu m (2008 est.)
country comparison to the world: 39
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3.85 billion cu m (2008 est.)
country comparison to the world: 66
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8.55 billion cu m (2008 est.)
country comparison to the world: 22
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0 cu m (2008 est.)
country comparison to the world: 199
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283.2 billion cu m (1 January 2009 est.)
country comparison to the world: 41
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$739 million (2009 est.)
country comparison to the world: 45
$1.26 billion (2008 est.)
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$6.845 billion (2009 est.)
country comparison to the world: 93
$6.644 billion (2008 est.)
note:
official export figures are grossly underestimated due to the value of timber, gems, narcotics, rice, and other products smuggled to Thailand, China, and Bangladesh
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natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems
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Thailand 46.57%, India 12.99%, China 9.01%, Japan 5.65% (2009)
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$3.974 billion (2009 est.)
country comparison to the world: 123
$3.386 billion (2008 est.)
note:
import figures are grossly underestimated due to the value of consumer goods, diesel fuel, and other products smuggled in from Thailand, China, Malaysia, and India
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fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil
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China 33.1%, Thailand 26.28%, Singapore 15.18% (2009)
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$3.561 billion (31 December 2009 est.)
country comparison to the world: 93
$3.412 billion (31 December 2008 est.)
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$7.373 billion (31 December 2009 est.)
country comparison to the world: 92
$7.946 billion (31 December 2008 est.)
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kyats (MMK) per US dollar - 1,090 (2009), 1,205 (2008), 1,296 (2007), 1,280 (2006), 5.761 (2005)
note:
unofficial exchange rates; datum shown for 2005 is the official exchange rate
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