Status of the Myanmar Economy and Its SME Sector
3.1 Myanmar’s economic transformation
After decades of authoritarianism, Myanmar is emerging with new momentum for
change. Since 2011, democratic reforms and the release of political prisoners resulted
in an easing of major international sanctions (particularly those imposed by the EU and
United States) that were introduced in 1989. Myanmar has gradually begun to open up
its markets and restructured economy that are, in-turn, spurring economic development
by its growing business sector.