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.
The ASEAN Economic Community, planned to come into effect in 2015, is expected to liberalize goods, capital and skilled labor flows in the ASEAN region. While there has been considerable progress in the area of trade integration, financial integration still lags behind. The ASEAN Banking Integration Framework, which aims to liberalize the banking market by 2020, could help pave the way for further integration and the entry of ASEAN banks into regional banking markets.
Asian countries are increasingly turning to investing in dedicated development programs rather than relying entirely on economic growth to deliver better social outcomes. Evaluations of their actual impact have not always accompanied such decision making, but where they have, it has made a key difference.
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.
Launched as a political bloc and security pact in the aftermath of the Viet Nam War, the Association of Southeast Asian Nations (ASEAN) has evolved to embrace an ambitious economic agenda. Its latest project is to establish the ASEAN Economic Community by 31 December 2015. But is this likely?
As 2015 gathers pace, the world seems to be entering a more uncertain and unpredictable phase. With the end of quantitative easing by the Federal Reserve, we are entering an era of tighter global liquidity.
Every year, millions of people cross borders to work abroad. People migrate for various reasons, but for the majority of migrant workers, they are compelled by poverty and lack of job opportunities in their home countries.
Public capital spending has been persistently weak in Nepal, and raising the amount and quality of capital expenditure required to close the infrastructure deficit is one of the country’s most pressing challenges.
The 7.8 magnitude earthquake that rocked Nepal on 25 April has imposed a huge human and economic toll on the country. Estimating the exact economic cost will be an ongoing process, but these are our initial thoughts.