Occupying a strategic position at the crossroads of India, China and Thailand, and now in its seventh year of sweeping economic liberalisation and political transition, Myanmar remains one of the fastest-growing economies in South-east Asia.
Although Myanmar’s economy has grown above the regional average in 2018, a fall in overseas investment, crop losses and a weakening of the kyat have combined to slow the pace of that economic growth. However, moves to open up sectors of the economy to foreign ownership may boost inward investment in the coming year.
As part of efforts to meet changing labour market requirements brought about by the Fourth Industrial Revolution (4IR), Myanmar is harnessing private sector investment to develop its vocational and technical education system.
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New bids for oil and gas exploration and development rights on a series of blocks, along with reforms to joint-venture requirements, are expected to stoke renewed interest in Myanmar’s energy sector and boost investment inflows.
Officials have firmed up the timeline for when foreign insurers will be allowed to enter the Myanmar market, a move that is expected to boost competition and lift penetration rates.