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.
Over the past couple of decades, no one can deny that the Asia and Pacific region has represented a remarkable success story. Absolute poverty levels have fallen significantly and the region is on course to achieve a number of Millennium Development Goals (MDGs).
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.
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.
States are increasingly recognizing that constructive engagement and collaboration with civil society organizations (CSOs) is an important ingredient to achieving better governance.
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.
While the corporate sector has been subject to scrutiny on the dearth of women at senior and board levels, there is still silence, or at best only whispers, about women in the top echelons of the public sector.
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.