Myanmar is home to 70% of rural population and 30% of urban population, and most of the rural people are in poverty. The government is undertaking eight – point task of development and poverty alleviation for providing assistance for the rural people. According to the calculation of UNDP and UNICEF, poverty rate of the nation declined to 26% in 2010, compared with 32% in 2005. At present, those eight tasks of rural development and poverty alleviation campaign are being implemented with the aim of reducing the poverty rate to 16% in 2015.
Government is making great strides in carrying out necessary reforms with might and main for participating democracy correctly in all sectors and in every corner of the country. Regarding lifting of most economic sanctions against Myanmar, foreign investors are packing their suitcase for visit the Southeast Asia country in pursuit of business prospect. Recent changes in Myanmar can draw the attentions of foreign investors. Based on the foreign investments, domestic companies’ productivity would increase, thereby spurring the country’s economic growth. But, investments of foreign companies alone cannot increases productivity not including the domestic companies. All countries in the world have agreed the Foreign Direct Investment can push the economic development.
Current economic situation and problems in the Production sector
As Myanmar is still an agricultural country, the contribution to GDP by agriculture, livestock, fisheries and forestry accounted to 41.2%, while the processing and manufacturing sector accounted for about 21.7% and service sector account 37.1% at 2011-2012. For the Industry sector, principal manufacturing activities are related to the processing of agricultural resources with food and beverage production generating more than half of the gross manufacturing output followed by construction material industries contribution 7.58% and Garment industries contribution 4.83% of the total. Following tables show Myanmar Industries are type of labor – intensive, resources intensives manufacture and low skill technology and low capital manufacturing products. Actually, Myanmar’s economic structure is early stages of industrialization.
Myanmar is home to 70% of rural population and 30% of urban population, and most of the rural people are in poverty. The government is undertaking eight – point task of development and poverty alleviation for providing assistance for the rural people. According to the calculation of UNDP and UNICEF, poverty rate of the nation declined to 26% in 2010, compared with 32% in 2005. At present, those eight tasks of rural development and poverty alleviation campaign are being implemented with the aim of reducing the poverty rate to 16% in 2015.
Government is making great strides in carrying out necessary reforms with might and main for participating democracy correctly in all sectors and in every corner of the country. Regarding lifting of most economic sanctions against Myanmar, foreign investors are packing their suitcase for visit the Southeast Asia country in pursuit of business prospect. Recent changes in Myanmar can draw the attentions of foreign investors. Based on the foreign investments, domestic companies’ productivity would increase, thereby spurring the country’s economic growth. But, investments of foreign companies alone cannot increases productivity not including the domestic companies. All countries in the world have agreed the Foreign Direct Investment can push the economic development.
Current economic situation and problems in the Production sector
As Myanmar is still an agricultural country, the contribution to GDP by agriculture, livestock, fisheries and forestry accounted to 41.2%, while the processing and manufacturing sector accounted for about 21.7% and service sector account 37.1% at 2011-2012. For the Industry sector, principal manufacturing activities are related to the processing of agricultural resources with food and beverage production generating more than half of the gross manufacturing output followed by construction material industries contribution 7.58% and Garment industries contribution 4.83% of the total. Following tables show Myanmar Industries are type of labor – intensive, resources intensives manufacture and low skill technology and low capital manufacturing products. Actually, Myanmar’s economic structure is early stages of industrialization.
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