Myanmar’s Economic Reforms: Hard Choices Ahead

Myanmar saw little economic growth from 1962 to 1988 as it pursued a self-reliant industrialization strategy. Half-hearted economic reforms implemented in the 1990s bred crony capitalism and a rentier economy under military rule. Only in 2011 under the government of President Thein Sein that serious reforms to establish an open market economy were implemented. Consequently, some progress has been made in macroeconomic reforms. Despite achieving high GDP (gross domestic product) growth rates serious challenges and gaps remain and reformists in the government face hard choices as political stability and leadership succession issues become prominent in the lead up to the 2015 general election towards the end of the year.