Myanmar’s market is often overlooked. Granted, it is not as attractive as the markets of other Southeast Asia countries. However, Myanmar’s market presents great potential. Myanmar is a resource-rich country with a population of 55 million with a median age of 29.
It is an emerging frontier market strategically located between India and China. Myanmar market research can help you understand the market better and formulate effective market entry strategies.
Myanmar Market Research: Overview
In terms of size, the country is the second largest in Southeast Asia. Myanmar’s total area is 676,578 km2. The country shares borders with Thailand, Laos, India, China, and Bangladesh. Myanmar has a population of 55 million with a median age of 29 and an unemployment rate of 2%.
As of 2021, Myanmar’s GDP is USD 65.2 billion, with a GDP per capita of USD 1,217. Myanmar’s economic structure consists of several sectors: services, industry, agriculture, forestry, fishing, and hunting.
The services sector accounts for 40% of the country’s GDP, the industry sector 38.5%, and the agriculture, forestry, fishing, and hunting 21.5%.
The main industries of Myanmar are
- extractives industries, which include oil, natural gas, iron ore, copper, zinc, and precious stones
- food industry
- construction industry
- processing industry
- leather and footwear industry
- electric power industry
- light industry
- pharmaceutical industry
The main imports of Myanmar are
- food products
- metals and alloys
- oil products
- machinery and equipment
Myanmar boasted the highest GDP growth rate in Asia. Its economic growth is projected to be 6.3% in 2020 and 6.4% in 2021. However, due to the COVID-19 pandemic and political turmoil, Myanmar’s economy contracted by 17.9% in 2021.
Despite being heavily affected by the pandemic, the economy of Myanmar managed to grow by 3.2% in 2020. This is due to the country’s robust agricultural industry.
Myanmar is projected to grow its GDP by 3% by September 2023.
Myanmar’s mobility has returned to pre-COVID levels. In addition, the country’s energy output has been stable and construction activities continue to expand.
Changes in Regulations and Rules
Changes in regulations and rules happen more frequently. This has serious consequences. From increased uncertainty regarding access to foreign exchanges and imports, delays in customs clearance processes, as well as reduced confidence in payment systems.
Myanmar may be the least developed country in ASEAN. However, it presents great potential as the country is not only rich in resources but also has a significant and young population. Our Myanmar market research will provide you with valuable insights and high-impact strategies.