Burma, a resource-rich country, suffers from pervasive government controls, inefficienteconomic policies, and rural poverty. The junta took steps in the early 1990s to liberalize theeconomy after decades of failure under the "Burmese Way to Socialism," but those effortsstalled, and some of the liberalization measures were rescinded. Lacking monetary or fiscalstability, the economy suffers from serious macroeconomic imbalances - including inflation,multiple official exchange rates that overvalue the Burmese kyat, and a distorted interest rateregime. Most overseas development assistance ceased after the junta began to suppress thedemocracy movement in 1988 and subsequently refused to honor the results of the 1990legislative elections. In response to the government of Burmas attack in May 2003 onAUNG SAN SUU KYI and her convoy, the US imposed new economic sanctions againstBurma - including a ban on imports of Burmese products and a ban on provision offinancial services by US persons. A poor investment climate further slowed the inflow offoreign exchange. The most productive sectors will continue to be in extractive industries,especially oil and gas, mining, and timber. Other areas, such as manufacturing and services,are struggling with inadequate infrastructure, unpredictable import/export policies,deteriorating health and education systems, and corruption. A major banking crisis in 2003shuttered the countrys 20 private banks and disrupted the economy. As of 2006, the largestprivate banks operate under tight restrictions limiting the private sectors access to formalcredit. Official statistics are inaccurate. Published statistics on foreign trade are greatlyunderstated because of the size of the black market and unofficial border trade - oftenestimated to be as large as the official economy. Burmas trade with Thailand, China, andIndia is rising. Though the Burmese government has good economic relations with itsneighbors, better investment and business climates and an improved political situation areneeded to promote foreign investment, exports, and tourism.