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Learn to speak spanish Ebook – planning a holiday in Spain? All downloads listed here were purchased by floodle. All values, unless otherwise stated, are in US dollars. Historically, Burma was the main trade route between India and China since 100 BC. The Mon Kingdom of lower Burma served as important trading centre in the Bay of Bengal. According to Michael Adas, Ian Brown, and other economic historians of Burma, Burma’s pre-colonial economy in Burma was essentially a subsistence economy, with the majority of the population involved in rice production and other forms of agriculture.
All land was technically owned by the Burmese monarch. Exports, along with oil wells, gem mining and teak production were controlled by the monarch. Burma was vitally involved in the Indian Ocean trade. After Burma was conquered by the British, it became the wealthiest country in Southeast Asia, after the Philippines.
It was also once the world’s largest exporter of rice. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalisation. He attempted to make Burma a welfare state by adopting central planning measures. After 1988, the regime retreated from totalitarian socialism.
It permitted modest expansion of the private sector, allowed some foreign investment, and received much needed foreign exchange. The national currency is the kyat. Burma currently has a dual exchange rate system similar to Cuba. The market rate was around two hundred times below the government-set rate in 2006. Inflation is a serious problem for the economy. In April 2007, the National League for Democracy organised a two-day workshop on the economy. In recent years, both China and India have attempted to strengthen ties with the government for economic benefit.
Many nations, including the United States and Canada, and the European Union, have imposed investment and trade sanctions on Burma. The United States banned all imports from Burma, though this restriction was since lifted. In 2011, when new President Thein Sein’s government came to power, Burma embarked on a major policy of reforms including anti-corruption, currency exchange rate, foreign investment laws and taxation. In 2012, the Asian Development Bank formally began re-engaging with the country, to finance infrastructure and development projects in the country. In March 2012, a draft foreign investment law emerged, the first in more than 2 decades. This law oversees unprecedented liberalisation of the economy.
It for example stipulates that foreigners no longer require a local partner to start a business in the country, and are able to legally lease land. 6 billion of its debt, almost 60 per cent of what it owes to foreign lenders. Myanmar’s inward foreign direct investment has steadily increased since its reform. 4 billion worth of investment projects between January and November 2014.