Apparel March 2020 Apparel March 2020 issue | Page 55

INDUSTRY INSIGHTS
to the British Empire and joined British India.
As a result, the majority of Burmese history and
culture has been influenced by the immense
migrations of people and colonisers. Over the
years, it eventually established within its borders
a widespread Buddhist faith. Despite this rich
cultural mix, the nation has been plagued by
numerous political tensions for many years even
after its independence in 1948.
After a brief period of parliamentary
governance, Myanmar underwent a military coup
in 1962 that isolated and curbed any prospects
for genuine democracy, capitalism, and industry.
This period of military rule distanced Myanmar
from most of the world and was an era rife with
civil war and civil unrest. So while most of Asia
continued to liberalise, Myanmar lagged behind
in key development and economic growth. While
elections were conducted in 2010, putting an
end to the military rule, its validity still remained
in question. This military rule came to an end
in 2011. However, in 2015, the first openly-
contested elections were held and the nation
gained its first non-military leader in 53 years.
Given the relatively short period since the
era of stability and peace began, Myanmar
has made immense progress in its economic
growth and development. Under the civilian led
reformist government, the nation has become
a welcoming investment destination for foreign
direct investment which has increased from about
USD300 million in 2009 to about USD20 billion
in 2011 - a 6567 per cent rise. This has led to an
introduction of fairly diverse portfolio of industries
and opportunities for the nation.
ACCORDING TO THE
INTERNATIONAL MONETARY
FUND'S ECONOMIC OUTLOOK
REPORT 2019, MYANMAR
RANKS AS THE 73RD LARGEST
ECONOMY IN TERMS OF GDP
ECONOMIC OVERVIEW
According to the International Monetary Fund’s
Economic Outlook Report 2019, Myanmar ranks
as the 73rd largest economy globally in terms
of Gross Domestic Product, with a nominal
GDP of USD65.99 billion and ranks 50th in
terms of Purchase Price Parity GDP of nearly
International Dollar 355.61 billion. The projected
nominal per capita income for 2019 is estimated
to be USD1,244, while the PPP based GDP
per capita is estimated to be International Dollar
6,511, placing Myanmar at the 156th and 127th
position in global rankings respectively. Major
structural problems such as poor infrastructure,
high unemployment, internal security issues and
skewed demographics have continued to pose
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