Diplomatic representation from the US:
chief of mission: Charge d'Affaires Carmen M. MARTINEZ
embassy: 581 Merchant Street, Rangoon (GPO 521)
mailing address: Box B, APO AP 96546
telephone: [95] (1) 379 880, 379 881
FAX: [95] (1) 256 018
Flag description:
red with a blue rectangle in the upper hoist-side corner bearing,
14 white five-pointed stars encircling a cogwheel containing a stalk
of rice; the 14 stars represent the 7 administrative divisions and 7
states
Economy Burma
Economy - overview:
Burma is a resource-rich country that suffers from government
controls and abject rural poverty. The military regime took steps in
the early 1990s to liberalize the economy after decades of failure
under the "Burmese Way to Socialism", but those efforts have since
stalled. Burma has been unable to achieve monetary or fiscal
stability, resulting in an economy that suffers from serious
macroeconomic imbalances - including a steep inflation rate and an
official exchange rate that overvalues the Burmese kyat by more than
100 times the market rate. In addition, most overseas development
assistance ceased after the junta suppressed the democracy movement
in 1988 and subsequently ignored the results of the 1990 election. A
crisis in the private banking sector in early 2003 followed by
economic moves against Burma by the United States, the European
Union, and Japan - including a US ban on imports from Burma and a
Japanese freeze on new bilateral economic aid - further weakened the
Burmese economy. Burma is data poor, and official statistics are
often dated and inaccurate. Published estimates of Burma's foreign
trade are greatly understated because of the size of the black
market and border trade - often estimated to be one to two times the
official economy. Better relations with foreign countries and
relaxed controls at home are needed to promote foreign investment,
exports, and tourism. In February 2003, a major banking crisis hit
the country's 20 private banks, shutting them down and disrupting
the economy. In July and August 2003, the United States imposed a
ban on all Burmese imports and a ban on provision of financial
services, hampering Burma's ability to obtain foreign exchange. As
of January 2004, the largest private banks remained moribund,
leaving the private sector with little formal access to credit
outside of government contracts.
GDP:
purchasing power parity - $74.53 billion (2003 est.)
GDP - real growth rate:
-0.5% (2003 est.)
GDP - per capita:
purchasing power parity - $1,800 (2003 est.)
GDP - composition by sector: agriculture: 57.2% industry: 9.6% services: 33.1% (2003 est.)
Investment (gross fixed):
11.8% of GDP (2003)
Population below poverty line:
25% (2000 est.)