Market Research Myanmar

Myanmar’s economy is facing significant challenges, including volatility, uncertainty, and disruptions to business operations. Conflict, electricity outages, trade and foreign exchange restrictions, shortages of key inputs, and changing rules and regulations have all contributed to the difficulties.

Despite signs of resilience in some businesses, domestic demand remains weak. The World Bank predicts a modest 3% growth in the year ending September 2023, resulting in per capita GDP being around 13 percent lower than in 2019, reflecting the persistent impacts of recent shocks on both supply and demand. Unlike other countries in the East Asia and Pacific region, Myanmar has not been able to return to pre-pandemic levels of economic activity, and the outlook beyond 2023 remains uncertain with slow growth anticipated.

Myanmar’s foreign trade in the first quarter of the fiscal year 2020-2021 exceeded US$7.6 billion, with exports totalling over US$3.68 billion and imports valued at over US$3.92 billion from October 2020 to January 2021. The majority of Myanmar’s trade is conducted through sea routes, and its major trading partners include China, Thailand, Bangladesh, and India. Agricultural products, animal products, marine products, minerals, forest products, manufacturing goods, and others are the main exports, while capital goods, intermediate goods, and consumer goods are the main imports.

Myanmar’s tourism industry saw significant growth in 2019, with approximately 4.4 million tourists visiting the country, marking a 23% increase compared to 2018. China, South Korea, and Japan were among the top countries showing significant growth in tourist arrivals. Myanmar’s popular destinations such as Bagan, Inle Lake, Yangon, Kalaw, Mandalay, and Ngapali Beach continue to attract visitors with their rich cultural heritage, natural beauty, and unique experiences. Know more about the emerging trends of Tourism in the Myanmar. 

As of January 2022, Myanmar had a total of 25.28 million internet users, representing a 7.1% increase of 1.7 million users from the previous year. This brought the country’s internet penetration rate to 45.9% of the total population, indicating significant growth in internet usage. Despite challenges and restrictions, Myanmar has seen a notable rise in internet adoption, highlighting the increasing importance of digital connectivity in the country’s evolving technological landscape.