Country Overview
Myanmar (formerly Burma) is a Southeast Asian nation of more than 100 ethnic groups. Myanmar is bordered by Bangladesh and India to its northwest, China to its northeast, Laos and Thailand to its east and southeast, and the Andaman Sea and the Bay of Bengal to its south and southwest. Myanmar is the largest in Mainland Southeast Asia and 10th largest in Asia by Area.
General Information:
Capital: Naypyitaw
Language: Burmese (official), minority ethnic groups use their own languages
Religion Group: Buddhist 87.9%, Christian 6.2%, Muslim 4.3%, Animist 0.8%, Hindu 0.5%, other 0.2%, none 0.1% (2014 est.)
Currency: Burmese kyat
Cryptocurrency: The Central Bank of Myanmar (CBM) announced that it does not recognise cryptocurrencies as an official currency and anyone caught trading digital assets can be imprisoned or fined.
GMT (+) 6h30
About Myanmar
The Union of Myanmar, or Burma, is situated in southeast Asia, bordering Bangladesh, India, China, Laos and Thailand. Myanmar has a population of 55.12 million with the largest metropole being the former capital, Yangon, with a population of 4.8 million inhabitants. The current capital is Naypyidaw which contains 1.03 million people. Burmese is the official language and the language of the largest ethnic group, the Bamar, although minority groups also have their own languages, such as Shan and Rakhine/Arakanese. The population is predominantly Buddhist, with small Christian, Muslim and Animist minorities.
Myanmar is a very high-risk country with regards to its business climate and political-economic situation. There are severe economic shortcomings as well as extreme ethnic tensions between the Bamar majority and ethnic minorities. Corruption is endemic in Myanmar and corrupt practices are rooted in the public and private sectors. As such, Myanmar is ranked 130 of 180 in Transparency International’s 2017 Corruption Index.
Myanmar’s GDP is measured at US$66.97 billion and is forecast to expand to over US$111 billion by 2022. Real GDP growth is currently 7.2% and is expected to remain steady at around 7.5% over 2018-2022.
The official currency is the Burmese Kyat. Myanmar is a parliamentary republic, but one in which the military holds great power. The executive branch is headed by the President and State Counsellor, a role akin to Prime Minister. Win Myint is currently the elected President, whilst State Counsellor Aung San Suu Kyi also acts as Minister of Foreign Affairs.
The legislative branch consists of the bicameral Assembly of the Union, which is formed by the House of Nationalities and House of Representatives. Members serve five-year terms, with the next elections scheduled for 2020, and 75% of the Assembly’s members are directly elected in single seat constituencies by majority vote. The remaining 25% of members are directly appointed by the military, which gives them an effective veto over any potential constitutional amendment.
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