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→Economy: Myanmar was the wealthiest country in Southeast Asia ... BUT
==Economy==
==Economy==
Under British colonial administration, Myanmar was the wealthiest country in Southeast Asia and was believed to be on the fast track to development. Today, it is one of the poorest nations in the world, suffering from the 1962 military takeover and the Burmese Way to Socialism plan. [http://www.newworldencyclopedia.org/entry/Myanmar]
Burma is a resource-rich country with a strong agricultural base. It also has vast timber, natural gas, and fishery reserves and is a leading source of gems and jade. Tourist potential remains undeveloped because of weak infrastructure and Burma's international image, which has been damaged by the junta's human rights abuses and oppression of the democratic opposition. Due to Burma's poor human rights record, the U.S. has imposed a range of trade sanctions, including bans on the importation of Burmese products into the U.S. and the export of financial services from the U.S. to Burma passed in 2003.
Burma is a resource-rich country with a strong agricultural base. It also has vast timber, natural gas, and fishery reserves and is a leading source of gems and jade. Tourist potential remains undeveloped because of weak infrastructure and Burma's international image, which has been damaged by the junta's human rights abuses and oppression of the democratic opposition. Due to Burma's poor human rights record, the U.S. has imposed a range of trade sanctions, including bans on the importation of Burmese products into the U.S. and the export of financial services from the U.S. to Burma passed in 2003.
Government economic statistics are unavailable and unreliable. According to official figures, GDP growth has been over 10% annually since FY 1999-2000. However, the rate is likely much smaller. Burma's limited economic growth results largely from its natural gas exports, which account for over half of Burma's export receipts and foreign direct investment. Natural gas exports will increase significantly once production begins from the offshore Shwe and Shwephyu Fields, estimated to hold 5.7-10 trillion cubic feet of natural gas. In 2005-2006, the oil and gas sector accounted for $69 million in foreign direct investment. Corporations based in China, India, South Korea, Thailand, and Malaysia have interests in the exploration and development of several offshore blocks.
Government economic statistics are unavailable and unreliable. According to official figures, GDP growth has been over 10% annually since FY 1999-2000. However, the rate is likely much smaller. Burma's limited economic growth results largely from its natural gas exports, which account for over half of Burma's export receipts and foreign direct investment. Natural gas exports will increase significantly once production begins from the offshore Shwe and Shwephyu Fields, estimated to hold 5.7-10 trillion cubic feet of natural gas. In 2005-2006, the oil and gas sector accounted for $69 million in foreign direct investment. Corporations based in China, India, South Korea, Thailand, and Malaysia have interests in the exploration and development of several offshore blocks.
Burma remains the world's second-largest producer of illicit opium--although it amounts to only 11% of the world's total. Annual production of opium is now estimated to be less than 20% of mid-1990 peak levels. Burma is also a primary source of amphetamine-type stimulants in Asia. Although the Burmese Government has expanded its counternarcotics measures in recent years, production and trafficking of narcotics and failure to adequately prosecute those involved remains a major problem in Burma.
Burma remains the world's second-largest producer of illicit opium--although it amounts to only 11% of the world's total. Annual production of opium is now estimated to be less than 20% of mid-1990 peak levels. Burma is also a primary source of amphetamine-type stimulants in Asia. Although the Burmese Government has expanded its counternarcotics measures in recent years, production and trafficking of narcotics and failure to adequately prosecute those involved remains a major problem in Burma.
==History==
==History==