Myanmar’s economic optimism: political reform boosts economic opportunity

Global Business

Myanmar’s economy grew seven percent in the fiscal year, which is one of the fastest growing economies in the world.

Last week the U.S. lifted more sanctions on Myanmar, removing barriers to trade and showing its support for ongoing political reform.

CCTV’s Tony Cheng reports on the wave of optimism that is buoying up the economy in Myanmar.

Myanmar’s economic optimism: political reform boosts economic opportunity

Myanmar’s economy grew seven percent in the fiscal year, which is one of the fastest growing economies in the world. Last week the U.S. lifted more sanctions on Myanmar, removing barriers to trade and showing its support for ongoing political reform.

Many other countries have already lifted restrictions imposed on Myanmar’s former military government, and the recent transfer of power to an elected administration seen growth rise to a predicted 8.4 percent in 2016.

The peaceful transition of power has restored confidence for many investors.

The visible evidence of which is a building boom sprouting in many of Myanmars cities.

While sanctions have been lifted in the U.S. and European, investors from China, Thailand and Singapore have been quick to enter this emerging market.

A new generation of consumers are returning from jobs overseas with different aspirations and appetites.

With the change in government, most countries have now lifted travel advisories that suggested in the past that tourists didn’t visit Myanmar.

Now hundreds of thousands of tourists are visiting every year. This could be an incredible income earner for Myanmar, like Angkor Wat is for Cambodia.

But some fundamental problems remain, like an education system that has been neglected for far too long.

There is still a long way to go, but the country once known as the ‘breadbasket of Asia’ is keen to regain its place as a major economic power in the region.