Editing Economy of Myanmar (section)

===Rule of the generals (1988–2011)===
After 1988, the regime retreated from a [[command economy]]. It permitted modest expansion of the private sector, allowed some foreign investment, and received much needed foreign exchange.<ref>{{Cite book |last=Stephen Codrington |title=Planet geography |publisher=Solid Star Press |year=2005 |isbn=0-9579819-3-7 |page=559}}</ref> [[Than Shwe]] advocated for some [[deregulation]] economic policies, despite his relaxation of some restrictions on Burma's economy, his economic policies have been often criticized as ill-planned.<ref>https://web.archive.org/web/20100809000937/http://www.shanland.org/oldversion/No.6.pdf</ref><ref>{{cite journal | url=https://openyls.law.yale.edu/handle/20.500.13051/5724 | title=Energy Security:, Security for Whom? | journal=Yale Human Rights and Development Law Journal | date=18 February 2014 | last1=Smith | first1=Matthew | last2=Htoo | first2=Naing }}</ref> Shwe relaxed some state control over the economy, and was a supporter of Burma's participation in the [[Association of South East Asian Nations]] (ASEAN). He also oversaw a large crackdown on corruption, which saw the sackings of a number of cabinet ministers and regional commanders in 1997. Shwe advocated for Crony capitalism.<ref>{{cite news | url=https://www.economist.com/special-report/2013/05/23/democracy-on-prescription | title=Democracy on prescription | newspaper=The Economist }}</ref> The economy was rated in 2009 as [[List of countries by economic freedom|the least free in Asia]] (tied with [[North Korea]]).<ref name="freedom">{{Cite web |title=Burma Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption |url=http://www.heritage.org/index/country/Burma |access-date=16 January 2018 |website=Heritage.org |archive-date=19 November 2011 |archive-url=https://web.archive.org/web/20111119173945/http://www.heritage.org/Index/Country/Burma |url-status=unfit }}</ref> All basic market institutions are suppressed.<ref name="freedom" /><ref name="turnell" /> Private enterprises were often co-owned or indirectly owned by state. The corruption watchdog organisation [[Transparency International]] in its 2007 [[Corruption Perceptions Index]] released on 26 September 2007 ranked Burma the most corrupt country in the world, tied with [[Somalia]].<ref>{{Cite web |title=Research – CPI – Overview |url=http://www.transparency.org/policy_research/surveys_indices/cpi/2007 |access-date=16 January 2018 |website=Transparency.org |archive-date=28 April 2008 |archive-url=https://web.archive.org/web/20080428203145/http://www.transparency.org/policy_research/surveys_indices/cpi/2007 |url-status=dead }}</ref>

The national currency is the [[kyat]]. Burma currently has a [[dual exchange rate]] system similar to [[Cuba]].<ref>{{Cite news |last=Sean Turnell |date=2 May 2008 |title=The rape of Burma: where did the wealth go? |work=The Japan Times |url=http://search.japantimes.co.jp/cgi-bin/eo20080502a1.html |access-date=15 February 2009 |archive-date=14 July 2012 |archive-url=https://archive.today/20120714104011/http://www.japantimes.co.jp/text/eo20080502a1.html%23.UAFMe6go9Rw |url-status=live }}</ref> The market rate was around two hundred times below the government-set rate in 2006.<ref name="turnell">{{Cite web |last=Sean Turnell |date=29 March 2006 |title=Burma's Economic Prospects – Testimony before the Senate Foreign Relations Subcommittee on East Asian and Pacific Affairs |url=http://foreign.senate.gov/testimony/2006/TurnellTestimony060329.pdf |url-status=dead |archive-url=https://web.archive.org/web/20100106125904/http://foreign.senate.gov/testimony/2006/TurnellTestimony060329.pdf |archive-date=6 January 2010 |access-date=22 January 2010}}</ref> In 2011, the Burmese government enlisted the aid of the [[International Monetary Fund]] to evaluate options to reform the current exchange rate system, to stabilise the domestic foreign exchange trading market and reduce economic distortions.<ref>{{Cite web |last=Feng Yingqiu |date=1 August 2011 |title=Myanmar starts to deal with official forex rate |url=http://news.xinhuanet.com/english2010/business/2011-08/01/c_131022439.htm |archive-url=https://web.archive.org/web/20121108004143/http://news.xinhuanet.com/english2010/business/2011-08/01/c_131022439.htm |url-status=dead |archive-date=8 November 2012 |access-date=8 August 2011 |website=Xinhua}}</ref> The dual exchange rate system allows for the government and state-owned enterprises to divert funds and revenues, while also giving the government more control over the local economy and making it possible to temporarily subdue inflation.<ref>{{Cite news |last=McCartan |first=Brian |date=20 August 2008 |title=Myanmar exchange scam fleeces UN |work=Asia Times |url=http://www.atimes.com/atimes/Southeast_Asia/JH20Ae01.html |url-status=unfit |access-date=8 August 2011 |archive-url=https://web.archive.org/web/20081202112402/http://www.atimes.com/atimes/Southeast_Asia/JH20Ae01.html |archive-date=2 December 2008}}</ref><ref name="wsj">{{Cite news |date=8 August 2011 |title=Myanmar Considers Foreign-Exchange Overhaul |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB10001424053111904007304576493940226278686 |access-date=8 August 2011 |archive-date=11 March 2016 |archive-url=https://web.archive.org/web/20160311124653/http://www.wsj.com/articles/SB10001424053111904007304576493940226278686 |url-status=live }}</ref>

[[Inflation]] averaged 30.1% between 2005 and 2007.<ref name="freedom" /> In April 2007, the [[National League for Democracy]] organised a two-day workshop on the economy. The workshop concluded that skyrocketing inflation was impeding economic growth. "Basic commodity prices have increased from 30% to 60% since the military regime promoted a pay rise for government workers in April 2006," said Soe Win, the moderator of the workshop. "Inflation is also correlated with corruption." Myint Thein, an NLD spokesperson, added: "Inflation is the critical source of the current economic crisis."<ref>{{Cite magazine |date=30 April 2007 |title=High Inflation Impeding Burma's Economy, Says NLD |url=http://www.irrawaddy.org/article.php?art_id=7064 |url-status=dead |magazine=[[The Irrawaddy]] |archive-url=https://web.archive.org/web/20090116020035/http://www.irrawaddy.org/article.php?art_id=7064 |archive-date=16 January 2009 |access-date=30 April 2007}}</ref>

In recent years, China and India attempted to strengthen ties with Myanmar for mutual benefit. The European Union and some nations including the United States and Canada imposed investment and trade sanctions on Burma. The United States banned all imports from Burma, though this restriction was since lifted.<ref name="turnell" /> Foreign investment comes primarily from China, Singapore, South Korea, India, and Thailand.<ref>{{Cite news |last=Fullbrook |first=David |date=4 November 2004 |title=So long US, hello China, India |work=Asia Times |url=http://www.atimes.com/atimes/Southeast_Asia/FK04Ae03.html |url-status=unfit |access-date=14 July 2006 |archive-url=https://web.archive.org/web/20041106012133/http://atimes.com/atimes/Southeast_Asia/FK04Ae03.html |archive-date=6 November 2004}}</ref>