Travel Reference
In-Depth Information
Inflation is currently running at around 7% (over three times the rate in Thailand), and
the country had a budget deficit of K3526 billion in 2012, or around 7.7% of GDP. On
the bright side the World Bank projected economic growth for the country in 2013-14 at
6.8%. The economy is also benefiting from the dropping of sanctions, the floating of the
kyat and the passing in November 2012 of a new foreign investment law. Such reforms,
according to Turnell, 'represent a seminal break from Burma's past.'
However, the economist notes that 'the real challenge is to make this a genuine trans-
formation of the capabilities and freedoms enjoyed by the Burmese people.' He also
points to the stultifying effect of having dominant parts of the economy still owned by
cronies who 'have already demonstrated that they are a force in resisting reform.'
As previously noted, Myanmar is not short on economic assets. A report by the Har-
vard Ash Centre in 2013 on Burma's economy notes that 'if the reasonable tax proceeds
from all natural resources including natural gas, jade, copper and hydroelectricity were
added to gold, gems, timber and other minerals, there could be billions of dollars a year
more for investments than there are now.' There is much work still ahead before Myan-
mar fully reaps the economic dividends of increased political stability.
Nowhere to Be Home,
edited by Maggie Lemere and Zoë West, presents 22 oral histor-
ies of Myanmar citizens gathered from those living in the country and those in exile. The
stories are often heartbreaking, and the book includes very useful appendices on current
affairs, history and politics.
Bribery & Corruption
Bribery is part of nearly
all
business in Myanmar. The owners of one private guesthouse
owner told us they have to bribe their tax official. 'We pay the tax man 25% of the taxes
we would have paid. He's a very rich man.' In a country where providing 'tea money' or
'gifts' to facilitate goods and services is pretty much par for the course, it's no surprise
that Myanmar consistently ranks close to the bottom of Transparency International's Cor-
ruption Perception Index.
The Anti Corruption Resource Centre (
www.u4.no
) goes further in its assessment of
the situation: 'the scale of [Myanmar's] informal and illicit economy suggests strong
links between the ruling elite and organised crime activities, such as drugs and human
trafficking, and illegal logging.'
President Thein Sein has launched a high-profile anti-corruption campaign, publicly
acknowledging that governance falls far below international standards; the first major in-
