The challenge is on for Myanmar to climb the development ladder armed with lessons learned and much needed safeguards in place.
A multitude of statistics underscore the challenges that the people of Myanmar face when it comes to access to electricity - many of these illustrating a lack of conveniences other parts of the world consider commonplace, ranging from water pumps to stovetop ranges.
Myanmar opened a new chapter in its history in November 2010 when it adopted its open-economy policy. Since then, an impressive array of reforms have been implemented. However, Myanmar’s sustainable and inclusive growth depends on it maintaining this momentum during its transition —particularly inflows of foreign direct investment.
Economic and political transition is never an easy process for any country and it will be no different for Asia’s fast awakening tiger, Myanmar.
Over just 3 years, Myanmar has introduced ambitious reforms which have put it on track to become a modern economy. But big challenges still lie ahead.
ADB is committed to finance the last stretch of a regional transport corridor that includes a road passing through Myanmar’s restive Kayin State. It would have been easier for ADB to simply avoid a conflict-affected area, but we did not shy away from the challenge.
It’s time for the country to take advantage of the growing international goodwill spawned by the historic 2015 election to create jobs, attract investment, and spur economic growth.
Sensitivity to the local context always pays off – even more in such a fragile environment.
ADB’s new Country Partnership Strategy in Myanmar will focus on connectivity, human capital, and structural reforms.
The agenda will help SASEC countries take the partnership to the next level.