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Foreign trade did revive during the parliament regime overthrown in 1962. With the collaboration of some enlightened socialist scholars, the government drafted an economic plan that strongly advocated an \"outward-looking\" development strategy, in part inspired by the strong free trade views of Dr. Hla Myint. This plan was, however, rejected. Until 1988, Myanmar adopted an inward-looking and self-reliant pattern of development policy, all the vital means of production and distribution were nationalized, and foreign trade became a monopoly of the state. Since foreign trade came to be a monopoly of the state in 1962, export volume and value declined significantly from 1964-65 to 1970-71. Myanmar’s evolution of trade policy and structure from 1990 onwards is shown in Table 3.1 with some facts to compare each period’s policy and structures. \nThe long-term plan began with a Four-Year Plan in 1974 which was together comprised the Twenty-Year Plan (1974-75 to 1993-94). Although it emphasized industrialization, it allowed spending on the agricultural sector and addressed inefficiency in public sectors (Mya Than and Joseph L.H. Tan (1990)). Another reason for export volume decreases in that period was the 1973 world oil price shock, which hit the Myanmar economy and external sector. Export volume rapidly decreased from US$113 million in 1973-74 to US$53 million in 1974-75. In the early 1980s, the direction of Myanmar’s external trade showed little change from the past. (see Figure 3.1 and Table 3.2).\nAfter 1988, the Myanmar government undertook reforms intended to enhance the transparency of trade-related policies and regulations, thereby increasing public accountability. A Foreign Exchange Certificate (FEC), equivalent to the US one-dollar value, was introduced in February 1993. In April 2012, the government formally abolished the dual exchange rate system, which had hindered foreign trade and investment. The current exchange rate is a managed “float regime” that closely reflects the true market rate. 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Evolution of Myanmar Trade Structure and Foreign Direct Investment (Khin Mar Thet, 2019)
http://hdl.handle.net/20.500.12678/0000007955
http://hdl.handle.net/20.500.12678/0000007955adb2b72d-6a5d-4fd6-a37c-1cea86bc50be
23a95199-a00a-4b90-b988-b0032897dcaa
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Khin Mar Thet ,Dr., Okayama university Journa.pdf (740 KB)
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Journal article | ||||||
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Publication | ||||||
Title | ||||||
Title | Evolution of Myanmar Trade Structure and Foreign Direct Investment (Khin Mar Thet, 2019) | |||||
Language | en | |||||
Publication date | 2019-03-01 | |||||
Authors | ||||||
Khin Mar Thet, Dr | ||||||
Description | ||||||
The importance of foreign trade in Myanmar can measured by the “trade openness ratio”, which estimates how an economy is open to attract foreign trade. Foreign trade did revive during the parliament regime overthrown in 1962. With the collaboration of some enlightened socialist scholars, the government drafted an economic plan that strongly advocated an "outward-looking" development strategy, in part inspired by the strong free trade views of Dr. Hla Myint. This plan was, however, rejected. Until 1988, Myanmar adopted an inward-looking and self-reliant pattern of development policy, all the vital means of production and distribution were nationalized, and foreign trade became a monopoly of the state. Since foreign trade came to be a monopoly of the state in 1962, export volume and value declined significantly from 1964-65 to 1970-71. Myanmar’s evolution of trade policy and structure from 1990 onwards is shown in Table 3.1 with some facts to compare each period’s policy and structures. The long-term plan began with a Four-Year Plan in 1974 which was together comprised the Twenty-Year Plan (1974-75 to 1993-94). Although it emphasized industrialization, it allowed spending on the agricultural sector and addressed inefficiency in public sectors (Mya Than and Joseph L.H. Tan (1990)). Another reason for export volume decreases in that period was the 1973 world oil price shock, which hit the Myanmar economy and external sector. Export volume rapidly decreased from US$113 million in 1973-74 to US$53 million in 1974-75. In the early 1980s, the direction of Myanmar’s external trade showed little change from the past. (see Figure 3.1 and Table 3.2). After 1988, the Myanmar government undertook reforms intended to enhance the transparency of trade-related policies and regulations, thereby increasing public accountability. A Foreign Exchange Certificate (FEC), equivalent to the US one-dollar value, was introduced in February 1993. In April 2012, the government formally abolished the dual exchange rate system, which had hindered foreign trade and investment. The current exchange rate is a managed “float regime” that closely reflects the true market rate. Nevertheless, the private financial sector, foreign exchange market, and regulatory framework remain significantly underdeveloped. |
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Journal articles | ||||||
Journal of Humanities and social Okayama University | ||||||
135-158 | ||||||
No.47 |