FAX:[95] (1) 80409
Flag:
red with a blue rectangle in the upper hoist-side corner bearing, all
in white, 14 five-pointed stars encircling a cogwheel containing a
stalk of rice; the 14 stars represent the 14 administrative divisions
@Burma, Economy
Overview:
Burma has a mixed economy with about 70% private activity, mainly in
agriculture, light industry, and transport, and with about 30%
state-controlled activity, mainly in energy, heavy industry, and
foreign trade. Government policy in the last five years, 1989–93, has
aimed at revitalizing the economy after four decades of tight central
planning. Thus, private activity has markedly increased; foreign
investment has been encouraged, so far with moderate success; and
efforts continue to increase the efficiency of state enterprises.
Published estimates of Burma's foreign trade are greatly understated
because of the volume of black market trade. A major ongoing problem
is the failure to achieve monetary and fiscal stability. Inflation has
been running at 25% to 30% annually. Good weather helped boost GDP by
perhaps 5% in 1993. Although Burma remains a poor Asian country, its
rich resources furnish the potential for substantial long-term
increases in income, exports, and living standards.
National product:
GDP - purchasing power equivalent - $41 billion (1993 est.)
National product real growth rate:
5% (1993 est.)
National product per capita:
$950 (1993 est.)
Inflation rate (consumer prices):
30% (1993 est.)
Unemployment rate:
NA%
Budget:
revenues:
$8.1 billion
expenditures:
$11.6 billion, including capital expenditures of $NA (1992)
Exports:
$613.4 million (FY93)
commodities:
pulses and beans, teak, rice, hardwood
partners:
Singapore, China, Thailand, India, Hong Kong
Imports:
$1.02 billion (FY93)
commodities:
machinery, transport equipment, chemicals, food products
partners:
Japan, China, Thailand, Singapore, Malaysia
External debt:
$4 billion (1992)
Industrial production:
growth rate 4.9% (FY93 est.); accounts for 10% of GDP
Electricity:
capacity:
1,100,000 kW
production:
2.8 billion kWh
consumption per capita:
65 kWh (1992)
Industries:
agricultural processing; textiles and footwear; wood and wood
products; petroleum refining; mining of copper, tin, tungsten, iron;
construction materials; pharmaceuticals; fertilizer
Agriculture:
accounts for 40% of GDP and 66% of employment (including fish and
forestry); self-sufficient in food; principal crops - paddy rice,
corn, oilseed, sugarcane, pulses; world's largest stand of hardwood
trees; rice and timber account for 55% of export revenues
Illicit drugs:
world's largest illicit producer of opium (2,575 metric tons in 1993)
and minor producer of cannabis for the international drug trade; opium
production has doubled since the collapse of Rangoon's antinarcotic
programs
Economic aid:
recipient:
US commitments, including Ex-Im (FY70–89), $158 million; Western
(non-US) countries, ODA and OOF bilateral commitments (1970–89), $3.9
billion; Communist countries (1970–89), $424 million
Currency:
1 kyat (K) = 100 pyas
Exchange rates:
kyats (K) per US$1 - 6.2301 (December 1993), 6.1570 (1993), 6.1045
(1992), 6.2837 (1991), 6.3386 (1990), 6.7049 (1989); unofficial - 105
Fiscal year:
1 April - 31 March
@Burma, Communications
Railroads:
3,991 km total, all government owned; 3,878 km 1.000-meter gauge, 113
km narrow-gauge industrial lines; 362 km double track
Highways:
total:
27,000 km
paved:
bituminous 3,200 km
unpaved:
