Union ofMyanmar Federation of Chambers of Commerce and Industry Convention 2017

UMFCCI Mingalar Hall, Yangon

9 December 2017
Keynote Address: Overview of the State of the Myanmar Economy at Present,
Why it is in this State, apd What to Do About It
by
U Myint, UMFCCI Economic Adviser

Honorable Ministers, Excellences, Distinguished Guests, Ladies and Gentlemen,

I wish to express deep appreciation to UMFCCI President U Zaw Min Win and to his colleagues
for giving me this opportunity to deliver a keynote address at this important conference. Their specific
request to me, as stated in the title of the address, is to give "an overview of the state of the Myanmar
economy at present, why it is in this state, and what to do about it."
This is a crucial issue facing us today. I think there is general agreement that the economy is
not in good shape. There is growing concern that t~e situation may get worse. Hence, it will be useful
to devote my address to why our economy is under performing, and what we may have to do to deal
with it.
To do so, I would like to begin with an observation made by economist Ashok V. Desai, on
reflecting upon his short stint as adviser to the Government of India. He said:.
"An economic adviser's job is to tell as it is and advise as he sees right. But the basic
instinct of the government is political survi;val. To tell it as it is would be treason if the
facts give ammunition to the opposition, an.d to advise what the government should but
cannot do would point to its impotence." 1 '
Regarding issues quoted above, the question of a government's political survival and having an
effective opposition are certainly important, but these are beyond the scope of this keynote address and
will not be discussed. However, Professor Desai's statement about need of advisers, perhaps including
those holding responsible positions in the administration, to tell it as it is and advise as they see right,
and our perceived inability to fulfill this need at p~esent, seems to be causing considerable concern to
many people in our country. This I understand is due to lack of adequate access and meaningful
exchange of views with the key decision-maker. I don't believe this is a big problem that is holding us
back, and we can and should deal with it. A lot has already been said on the matter by well-meaning
people both within and outside the country. I plan to devote my address this morning to give my own
views on the issue.
Then there is a perception that our economy is not functioning well because we are not giving
the attention it deserves. On this, the Indonesian experience provides some interesting insights for us.
The chief architect of Indonesia's economic reforms, Professor Widjojo said .this on the matter:
"It is a fact that our economy has been neglected for years, and it is still not getting the
attention it deserves. In addressing economic problems we have often pushed economic
principles aside. This rejection of economic principles is often based on revolutionary
sounding arguments, but these are precisely the kind of things that have brought our
economy down.

1
Quoted by Deena Khatkhate in a review of Ashok V. Desai's book, My Economic Affair (New Delhi: Wiley Eastern Limited,
1993). The book review appeared in IMP/World Bank, Finance and Development, March 1995, vol. 32, no. 1,
 -2.-

It is important for us to know that improve~ents in the economy cannot be achieved

solely by making speeches, or holding symposiums or seminars, or other such events;
concrete measures are also required for that. " 2
The danger of down-playing economic principles and analyses and mixing them up with other
preoccupations has also been warned by Bogyoke Aung San in 1947 when he said:
"When we plan our economy, do not let us confuse issues by bringing in politics. I
appreciate that economics and politics are intimately connected, but let us keep politics
out for a moment." 3
Keeping in view these "":ise words from Bogyoke and the Indonesian experience noted above,
let us now tum to the present state of our economy. For that we need to look at what has been dubbed
as the most powerful number in the world- Gross Domestic Product (GDP). 4 I have been looking at
this number for a long time, especially how it has be7n speeding along, particularly at double digit rates,
as it was once favoured by our authorities.
Table (1) given in the Annex (I) page 8 shows real GDP growth rates 5 ofMyanmar from fiscal
year 1948 when we got Independence to fiscal 20~8, covering a period of 60 years. Over these years
Myanmar achieved double digit growth twice in the 1950s and three times in the 1960s. The double
digit growth years are shaded. Please also note that there was never double digit growth of two years in
succession. Instead, every double digit year has be~n either preceded by or is followed by a negative
growth year.
Then there was no double digit year for three decades - the 1970s, 1980s and 1990s. But
beginning with the onset of the new millennium and starting from 2000 to 2010 Myanmar experienced
double digit growth for 11 years in succession. Th~ growth experience of Myanmar together with 18
selected Asian countries over this decade is given in table (2) in Annex (II) page 9. The double growth
years are shaded here as well. As.we can see, among the 18 Asian countries, 15 did not have any double
digit year at all. Only Bhutan had two years and Cambodia had four. Even China did not experience
double digit in five years out of eleven. Moreover, the average growth of the 18 countries for the decade
was 5.6%. Our average was 12.2% so more than twice the Asian average. Since China's average was
10.3% we were growing faster than China as well.
Most people in the country did not share this overly optimistic view of GDP growth. IMP and
World Bank did not also publish these GDP figuresin their official reports and documents. Hence, this
has led some of us to suspect that there were two economic worlds in Myanmar at that time. One was
the real world where people lived, and the other was the statistical world that existed in official reports
and documents. For a long time, there was a strongly felt need among us for "national reconciliation"
of these two worlds. Such reconciliation was considered essential because concepts like equitable,
sustainable and inclusive growth would not inspire much confidence, if the growth process itself and
its key indicator lacked credibility and were under suspicion.
However, there was a measure of success in the national reconciliation of the two economic
worlds when the 10.5% average annual target growth rate set for the 2011112-2015/16 First Five Year
Plan was revised downwards to a- more realistic and achievable 7.7% by President U Thein Sein in June

2
Emil Salim, The Indonesian Development Experience: A Collection of Writings and Speeches of Widjojo Nitisastro
(Singapore: Institute of Southeast Asian Studies, 2011); pp. 26-27.
3
David I. Steinberg, Burma: The State ofMyanmar (Washington, D.C: Georgetown University Press, 2001), p. 123.
4
Lorenzo Fioramonti, Gross Domestic Problem, the Politics Behind the World's Most Powerful Number (London: Zed
Books, 2013). Another important reference on this matter is Joseph E. Stiglitz, Amartya Sen a:nd Jean-Paul Fitoussi,
Mismeasuring our Lives: Why GDP doesn't Add Up (New York: The New Press, 2010).
5
Real GDP growth is GDP growth in constant prices.
 - 3,-

2012. 6 The Plan's annual growth targets set at 6.0% ~d 6.3% for fiscal2011/12 and 2012/13 were also
modest judging by Myanmar's past high growth sta*dards. And unlike in the past, these target growth
rates were more in line with ADB's forecast of6.1% and 6.7% growth for these two years for the Asian
region. The Plan's yearly growth rates achieved are given in table (3) in Annex (III) page 10.
This national reconciliation of the real and statistical worlds, unlike reconciliation in the
political sphere, was not a dramatic affair and it did not receive any noticeable local and international
acclaim or attention. Nevertheless, it was a big relie:f! for those of us who were often called upon to draft
policy briefs on the state of the economy that were expected to be credible and were not at variance
with the rudiments of economics. The trouble with working with dubious statistics was that we often
cannot help but get an uneasy feeling that we might perhaps be engaging in writing a scholarly piece in
the realm of social science fictiol}.
Let us now consider how the efforts made by previous regimes noted above resulted in the state
of the Myanmar economy. We have often pronohnced our hope and desire to "stand shoulder to
shoulder" with neighbours and other countries in, the rest of the world when we think about our
economic prospects. Table (4) on page 10 provides Per Capita GDP of ASEAN countries in current US
dollars. In 2000 Myanmar with Per Capita GDP of'US$193.2 was at the bottom of the list of ASEAN
countries. After double digit growth of a decade, in20 10 Myanmar was able to catch up with Cambodia
and rose to occupy the second last place. This second last place was retained at the end of our First Five
Year Plan in 2015/16.
The question now is what are our prospects to achieve a respectable level of income that is
comparable, or at least not too different, with levels of our ASEAN neighbours like Vietnam,
Philippines, Indonesia, Thailand and Malaysill:~ 7 In order to do that we must first go up one step to reach
third place from the bottom by catching up with our friendly neighbour Laos. What are prospects of
achieving this in our current 2016/17-2020/21 Five Year Plan? Table (5) on page 10 provides an answer.
In this table IMF has made a projection of our per capita GDP and came up with an estimate of
US$1,832 in 2020/21. Please note this figure is below the per capita GDP of Laos amounting to
US$2,159 five years ago in 2015 as shown in table (4). And of course, the per capita GDP of Laos will
also be growing during the 5 years up to 2020/21. Hence prospects of catching up with Laos during the
remaining term of office of the present regime seem rather slim. And that is something we may wish to
bear in mind in thinking about where we are at present in our statistical economy. But how about the
real economy where people live, what is our present situation there? I don't think that is difficult to
figure out. All we need to do is to go to any market and observe the daily ordeal that buyers and sellers
are facing to get the bare necessities of life for their families.
Briefly put, I believe we have a sick economy to deal with and to cure a sick economy we need
to consult a doctor, do tests, get diagnosis, take prescribed medicines, follow instructions regarding
dosages to take, when and what to take, etc. Ifthe malady is more serious such as need for brain surgery
or transplant then we must think of hospitalization, post operative care and so on. In short, all that I am
saying is that like a sick person, to cure a sick ec<momy will require a plan (or a strategy) involving
diagnosis, prescription and taking medicines, makit!-g sure the medicines are swallowed even if they are
bitter pills, and to make sure there are no serious si~e affects and also that the pills are working.

6
New Light of Myanmar, "Job opportunities, income can be increased and triple growth realized only if current volume of
.f!.nancial investments be doubled' (Yangon: New Light of Myanmar, 20 June 20 12); p. 1
I am leaving out Brunei and Singapore for the time being because that would be too challenging.
 -4.-

This means we will need a strategy to promote economic growth. We. can set up an outline for
such a strategy, calling it Myanmar Eco Vision (MEV) with following seven sections:
(i) Objectives
(a) To become a modem developed nation that meets the aspirations of its people for a
better life; and
(b) To enhance interaction ~d cooperation with the international community which will
not only help Myanmar to become a developed country but a developed Myanmar
could be counted upon to meet the regional and global problems that we are faced with
i
in the twenty-first century.
In saying MEV aims at meeting the aspirations of the people of Myanmar, "people" is used in
an all inclusive sense. It includes members of th~ Tat-ma-daw (armed forces), residents, civilians,
nationalities, and members of the Myanmar community residing abroad.
(ii) Underlying principles
The people of Myanmar take considerable. pride in their culture and traditions. Hence, MEV
will be drawn up within the framework of the country's well-known traditions, customs, beliefs and
values.
Many aspects of Myanmar's cultural heritage, and traditional beliefs and values are in harmony
with modernization and progress. These beliefs and values will be drawn upon and appropriately
reflected in MEV.
(iii) National imperatives
Several national imperatives have been established to give Myanmar national direction and
purpose. These are to maintain peace and stabili~y, preserve unity and security, and to perpetuate
independence and sovereignty. MEV will accord high priority to these imperatives and will be guided
by them.
(a) First, the critical need of maintaining peace and stability will be given emphasis. The
crucial role of the Tat-ma-daw to achieve this end will be recognized and highlighted.
MEV will support and strengthen national endeavours in this area. It will, for instance,
make proposals and implement plans aimed at meeting the needs and aspirations of the
people and improving their quality of life, ,which will also contribute substantially to
sustaining peace and stability in the country.
(b) Second, national unity is another critical area that must be addressed. MEV looks to
enhancing national unity by promoting mutual respect and understanding and
preserving the cultural heritage and traditions of all the nationalities that compose the
Union of Myanmar.
(c) Third, in addition to security provided by the Tat-ma-daw and the national police force,
MEV aims to give due attention to other forms of security such as in the economic and
social sectors. Economic and human security will become increasingly important for
Myanmar in the process of becoming a modem developed nation.
(d) Finally, independence and sovereignty certainly enable a country to become a master
of its own destiny at home and in its relationship with the international community.
Perpetuation of independence and sovereignty are essential for social and economic
progress as these bestow upon a country the capacity and freedom to fulfill the
responsibility it has to its citizens and to the ~orld community. With respect to fulfilling
the responsibility towards citizens, MEV will draw upon Myanmar's traditional beliefs
 - 5-

and customs such as a sovereign's duty to lo,ok after the welfare of his subjects, paying
heed to their needs and concerns, and seeking out and listening to views and opinions
of revered monks (sayadaws) and respected elders and teachers on such matters. As for
international responsibility, provisions will be made in MEV that will enable Myanmar
to more effectively fulfill its obligations to-vYards the world community.
(iv) Approach and content
Since the people of Myanmar place a high Nalue on self reliance, MEV will be guided by the
principle that the attainment of goals it has set out to achieve depends ultimately on the people of
Myanmar themselves.
While adopting a self-reliant approach, Myanmar like other countries, will avail itself of the
opportunities and take advantage of knowledge, technology, expertise and resources that are available
in the rest of the world. Moreover, Myanmar will 'cooperate closely with neighbouring countries in
seeking solutions to common problems and will share views and experiences with them on issues of
mutual interest, while keeping in view its own particular circumstances and perceived needs and
priorities. MEV will devote the required effort to explore and take advantage of such opportunities.
In drafting MEV we will aim at brevity, clarity and simplicity. It will be made available in both
Burmese and English.
MEV will be presented in three parts. First, there is the question of where we want to go, and
how to get there. Call this part Vision and Strategy: Second, there is the question of what needs to be
done to get to where we want to go. This has to do with taking action to implement policies and plans
to achieve goals set in the Vision. Hence, this second part can be designated as an Action Programme.
Third, following the Action Programme, there is a need to Monitor and Review its implementation.
Such a review is necessary in order to ensure that the Vision is achieving its objectives as well as to
make adjustments to respond to new opportunities, issues and circumstances that may arise with passage
oftime.
(v) Initial conditions
To determine where we want to go and decide on how to get there, we will need to have a clear
idea of where we are at present- which will be denoted as initial conditions. This will require an
assessment of the current economic and social situation in the country, the resources at hand (natural,
manmade and human), and the necessary institutions and policies to achieve goals set in the Vision.
While a Vision is a long run concept, in taking up initial conditions, it will be necessary to give
consideration to short run issues as well. These ipclude humanitarian, social and economic needs
requiring more immediate attention that must be addressed for a successful long run Vision.
(vi) Key players
Key players whose active involvement and support to ensure a successful outcome for MEV
are the following:
(a) First, the Tat-ma-daw has a critical role to play. Its cooperation and support are
essential to achieve goals set in MEV. It is further envisaged in the Vision that the Tat-
ma-daw will be transformed into professional, well equipped a~d modern armed forces.
(b) Second, the political parties will be encouraged to come forward with well thought-out
agendas and plans and will be provided oppc;>rtunities to address the major issues facing
the nation.
(c) Third, substantive contributions towards realization of the aims of MEV are expected
from the country's nationalities. The nationalities will be assured that their views,
 -6-

desires and aspirations will be respected, that care will be exercised to preserve their
culture and traditions, that diversity will be looked upon as an asset for the country,
and that they will not only be accepted as egual partners in building a new society but
will be accorded special consideration and treatment where due to geographic and other
disadvantages, they may not be able to shary equitably in the fruits of progress.
In addition to the three key players noted above, considerable attention will also be directed at
ascertaining and responding to the needs and . wishes of the farmers, workers, intellectuals,
professionals, business people, women and youths in the country.
(vii) Vision and Strategy
Of the three components of MEV, the first part, Vision and Strategy, will be the most important.
Three provisions will be highlighted and given special emphasis in this section. These are:
(a) &anomie agenda: will aim at broad-based economic development, fueled primarily by
the private sector with the state playing a facilitating and support role, that makes
efficient and sustainable use of the country's resources to substantially improve the
standard of living and quality of life of all the people of Myanmar.
(b) Meeting social and environmental concerns and special needs of vulnerable groups:
Health, education and environmental issues will be taken up here. In addition, safety
nets will need to be in place to take care of vulnerable groups that will be left behind
in a private sector led, market-oriented approach in developing the economy.
Vulnerable groups with special needs will include the poor, aged, women, youth,
disabled and the geographically disadvantaged.
(c) Greater integration into'the regional andtrorld community: With growing trade and
economic links with neighbours, Myanmar is increasingly becoming an integral part of
the regional economy. As such, Myanmar has a lot to gain from the rapid economic,
social and political developments that ar~ taking place in this region. Moreover,
Myanmar will need to take advantage of the opportunities offered by, as well as to
guard against the adverse consequences: of the information revolution and the
globalization process that are underway in the twenty-first century. Hence, it is an
appropriate time for Myanmar to take a more proactive and increased interaction with
the outside world.
After presenting the above brief outline ofa proposed eco strategy, what next? The next and
final topic for me to take up is an issue that is causing considerable concern regarding the present state
of our economy. It is a touchy and complicated issue that has to do with the way the new administration
is running the economy. We may feel this is nothing new. We have lived with such issues since 1948
when we gained Independence. But as we all know, there is something really new this time around.
This is because the prese!lt government is popularly elected. It promised change that we believe
represented a good opportunity for the country to move forward. We want the government to fulfill this
promise. We know the country is facing a difficult situation and we must all work and pull together to
bring this about.
The good intentions and hard work put in by the government is not in doubt. The numerous
achievements made as reported in the national newspapers have also been noted. Nevertheless, most of
us feel what has been delivered over the past two years has fallen short of expectations. Maybe we may
be reminded this is because our expectations have been set too high. Not so would be my response.
After these past two years our expectations are no longer set very high.
 -7-

Expectations that business people and potential investors set for our economy can be (a) high,
(b) low or (c) they don't know what to expect. I think our country is in situation (c). Business people
complain to me that they are not sure if the government is giving the economy the priority it deserves.
They have difficulty figuring out what are the government's economic policies and its growth strategy.
They are waiting for the government's clarification on these questions. And of course, when they wait
the economy is in pause mode.
Hence, the issue facing our economy now is to go from pause mode to fast forward. For a
computer it is easy. All we have to do is to press a button. But there is no such button in the real world.
However, we have Daw Aung San Suu Kyi, our leader who is much admired, and held in high esteem
and with deep respect for her courage, resilience and dedication. The majority of the people in our
country are also behind her. I believe she can restore growth and vitality to our economy and can
undertake this task without distracting her much from her present important preoccupations. May I
therefore request her to give consideration to do the following:
(a) First, make a clear and unequivocal announcement that the economy will receive
top priority attention together with peace building. A thriving economy is essential to
sustain peace and stability and for efficient and voluntary return, resettlement and
rehabilitation of those who went abroad.
(b) Second, draft an economic strategy that all key stakeholders can support. A sample
outline is given above. This is only a suggestion for consideration. Changes and
amendments should be made to the draft as required and appropriate. It may also be
submitted to and adopted by the Hluttaw to Plake it a formal legal document.
(c) Third, the State Counsellor should have more frequent and substantive exchange of
views with members of her party's econom,ic committee, her economic advisers, and
key officials at Union as well as State and D~vision levels who are engaged in planning,
finance, trade and with monetary affairs at the Central Bank. Please encourage and give
more opportunities to theJTI to speak freely and frankly, and their views should be given
consideration in taking decisions. It will :also be desirable to grant them greater
independence in performing their duties and also delegating authority to enable them
to take decisions in their fields of competence.
(d) Finally as I have already mentioned before, the elected government which we now have
offers a good opportunity to move forward. There are many people with proven ability
in business, finance, governance and other important fields to help take advantage of
this opportunity. May I request the State Counsellor to engage with these people, listen
to what they have to say, take note of the constraints they face, give consideration to
their recommendations, while resisting temptation to rush through, but taking time to
launch a carefully prepared and thought-out plan of action to restore growth and vitality
to the economy under her leadership with inputs from them.
This completes my presentation. As New Year is just around the corner, may I extend to you
my Seasons Greetings and a Happy New Year. And I thank you for your kind attention.
 -8~

ANNEX(l)
GOP Growth Rates at 1947/48 constant prices, 1948/49-1960/61
(percent increase over previous year)

-10.0 -5.1 -0.7

Sources: Government of Burma, Econ6mic Survey of Burma, 1~55, 1962, 1963.

I
GOP Growth Rates at 1969/70 constant prices, 1961/62-1970/71
(percent increase over previous year)

Fiscal Year

GDP growth rate

-4.3 -4.1 3.3 5.0 4.1
(%)

Sources: Ministry of Planning and Finance, Report to the Pyithu~ Hluttaw, 1972/73 and 1975/76.

GOP Growth Rates at 1969/70 constant prices, 1971/72-1980/81

(percent increase over previous year)

Fiscal Year ~ 72/73 ~ 74/75 75/76 76/77 77/78 78/79 Wl!Q 80/81

GDP growth rate

2.4 -1.0 2.6 2.7 4.2 6.1 6.0 6.5 5.2 7.9
(%)

Sources: Ministry of Planning and Fina~ce, Report to the Pyith~ H/uttaw, 1979/80 and 1984/85.

GOP Growth Rates at 196917!1 constant prices, 1981/82-1990/91

(percent increase over previous year)

Fiscal Year 81/82 82/83 83/84 84/85 85/86 86/87 87/88 88/89 89/90 90/91

GDP growth rate

6.4 5.4 4.3 4.9 2.9 -1.1 -4.0 -11.4 3.7 2.8
(%)

Sources: Ministry of Planning and Finance, Report to the Pyithu Hluttaw, 1984/85 and .Central Statistical Organization, Statistical
Yearbook, 1991.

GOP Growth Rates at 1985/86 constant prices, 1991/92- 2000/01

(percent increase over previous year)

Fiscal Year 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99

growth rate
-0.7 9.7 6.0 7.5 6.9 6.4 5.7 5.8

Sources: Central Statistical Organizatio,n, Statistical Yearbook, 1995, 1997, and 2003.

GOP Growth Rates at 2000/01 constant prices, 2001/02- 2p08/09

(percent increase over previous year)

Source: Ministry of National Planning and Economic Development, Yangon & Nay Pyi Taw.
Notes: From fiscal year 06/07 onwards, 05/06 constant prices are used.
Double digit growth years are shaded.
Note:
and Development Policy, 2010).
 -9:-

ANNEXC2)

Isl!!,!!!..1. GOP Growth Rates, Selected Asian Countries: 2000- 20~0

(Percent increase over previous year)

Count!)lNear 2000 2001 2008 2009

(01). China 8.4 8.3 9.6 9.1

(02). Bhutan 7.2 8.2 4.7 6.7 6.8 8.2

(03). Cambodia 8.4 7.7 6.7 -2.0 6.0 7.9

(04). India 4.4 5.8 3.8 8.5 6.7 8.0 8.6 7.4

(05). Vietnam 6.8 6.9 7.1 7.3 8.4 8.2 8.5 6.3 5.3 6.8 7.2

(06). Laos 6.3 4.6 6.9 6.2 6.8 8.7 7.8 7.2 7.6 8.0 7.0

(07). Singapore 10.1 -2.4 4.1 3.8 7.3 8.4 7.8 1.8 -0.8 14.5 5.8

(08). Bangladesh 6.0 5.3 4.4 5.3 6.0 6.6 6.4 6.2 5.7 5.8 5.8

(09). Sri Lanka 6.0 -1.4 '4.0 5.9 6.2 7.7 6.8 6.0 3.5 8.0 5.3

(1 0). Indonesia 4.9 3.6 4.5 4.8 5.7 5.5 6.3 6.0 4.5 6.1 5.2

(11 ). Malaysia 8.9 0.5 5.4 5.8 6.8 5.3 5.8 6.5 4.7 -1.7 7.2 5.0

(12). Philippines 6.0 1.8 4.4 4.9 6.4 5.0 5.3 7.1 3.7 1.1 7.3 4.8

(13). Pakistan 3.9 2.0 3.1 4.7 7.5 9.0 5.8 6.8 4.1 1.2 4.1 4.7

(14). Rep. of Korea 8.8 4.0 7.2 2.8 4.0 5.2 5.1 2.3 0.2 6.1 4;6

(15). Hong Kong, China 8.0 0.5 1.8 3.0 7.1 7.0 6.4 2.2 -2.8 6.8 4.4

(16). Thailand 4.8 2.2 5.3 7.1 4.6 5.2 4.9 2.5 -2.2 7.8 4.4

(17). Nepal 5.9 4.7 0.2 3.8 3.2 3.7 2.8 5.8 4.0 3.5 3.8

(18). Brunei 2.8 2.7 3.9 2.9 0.4 4.4 0.2 -1.9 -1.8 1.1 1.4

Avg. (18 countries above) 6.8 3.2 5.1 5.2 6.5 6.8 7.2 4.4 1.8 7.2 5.6

(19). Myanmar

Source:_ESCAP, Economic and Social Survey ofAsia and the Pacific, 20Jl(On-line edition), Table 1., p. 202.
Source: For Myanmar, Ministry of National Planning and Economic Development, Myanmar's Socio-economic Development: Up to the end of
March 2011 (Naypyitaw: MNPED, May 2011), pp. 8-10.
are shaded. Countries, except Myanmar, are ranked in descending order based on their average GDP growth rates
10.
 - 10-

ANNEX(3)

Table 3. Myanmar GQP Indicators: 2011/12-2015/16 Five Year Plan Period

2011-2015 2011-2015
Particulars Unit 2011112 2012/13 i 2013/14 2014/15 2015116 (total) (average)

GDP growth rate Percentage 5.6 7.3 8.4 8.0 7.3 36.6 7.3
GDP Billion US$ 56.2 59.7 60.1 65.6 59.5 301.1 60.2
Per Capita GDP US dollar 900.0 1,182 1,180 1,275 1,148 5,685 1,137
Sources: Central Statistical Organization, 20[6 Myanmar Statistical Yearbook (CSO: Naypyitaw, December 2016); Fig. 8.1, p. 220.
IMF, Myanmar 2013 Article IV Consultation StaffReport & 2016 Article IV Consultation Staff Report.
Notes: GDP growth rate is percentage increase over previous year in constant 2011112 prices.
GDP figures are in billion current US dollars.
Per Capita GDP is in current US dollars.

Table 4. Per Capita GOP of ASEAN Countries in 2000,2010 and 2015

(in current US dollars)

Countrv/vear 2000 2010 2015

.

01. Singapore 23,792.6 46,569.7 53,629.7

02. Brunei Darussalam 18,008.4 ' 35,268.1 30,967,9

03. Malaysia 4,045.2 9,071.4 9,643.6

04. Thailand 2,007.6 5,073.3 5,814.9

05. Indonesia 780.1 3,113.5 3,336.1

06. Philippines 1,038.9 2,129.5 2,878.3

07. Vietnam 433.3 1,333.6 2,107.0

08. Laos 324.8 1,141.1 2,159.4

09. Myanmar 193.2 987.7 1,194.6

10. Cambodia 300.7 785.7 1,163.2

Source: httQ://data.worldbank.org[indicator/NY.GDP.PCAP.CD
Note: Countries are ranked in descending order based on their per capita GDP in 2015.

Table 5. Myanmar GDP Indicator Projections: 2016/17- 2020/21 Five Year Plan Period

2016-2020 2016-2020
SN Particulars Unit 2016/17 2017/18 2018/19 2019/20 2020/21 (total) (average)

01. GDP growth Percentage 6.3 7.5 7.6 7.5 7.5 36.4 7.3

02. GDP Billion US$ , 66.3 72.4 80.0 88.7 98.4 405.8 81.2
Per Capita
03.GDP US dollars 1,269 1,375 1,510 1,662 1,832 7,648 1,529
Source: IMF, Myanmar Article IV Consultation StaffReport 2016; Table 5, p. 32.
Note: Projections are based on data provided by the Myanmar authorities and IMF staff preliminary estimates that are subject to change.
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ANNEX(4)
CVofUMyint
U Myint graduated from Rangoon University majoring in English Literature, Political Science
and Economics. He went for further studies in the United States where he obtained an M.A in
Economics from Cornell University and Ph.D in ec~nomics from University of California, Berkeley.
He has held posts of Assistant Lecturer at the Institute of Economics; Lecturer and Head of
Economics Department at the Institute of Education; Chief of Economic Division at the Ministry of
Foreign Affairs; Senior Economist at the United Nations; and Chief Economic Adviser of former
President U Thein Sein.
U Myint is at present engaged in research and teaching, and holding informal consultations with
government officials, academics, members of business community, media, and officials from United
Nations and International Agencies. He also participates and chairs and conducts economic seminars at
academic institutions and at the National Defence U:niversity.