Myanmar is a resource-rich country. It is strategically situated in Southeast Asia, between China and India. Myanmar has the highest GDP growth rate in Asia. Its economy was predicted to be 6.3% in 202 and 6.4% in 2021.
However, due to the COVID-19 pandemic and political and social turmoil, Myanmar’s economy contracted by 17.9% in 2021.
If you wish to enter the Myanmar market, having an in-depth analysis by Myanmar consulting experts can help you understand the market and formulate effective market entry strategies.
Myanmar Consulting: Market Overview
Myanmar is an emerging market with a lot to offer. The country has a population of 55 million (2021) with a median age of 29. In 2021, Myanmar’s GDP reached USD 65.2 billion with a GDP per capita of USD 1,217. Myanmar’s unemployment rate is 2.2%.
The service sector is the largest contributor to Myanmar’s GDP, accounting for 40% of the total GDP. The industry and agriculture sectors account for 38.5% and 21.5%, respectively.
Myanmar was heavily affected by the COVID-19 pandemic. However, due to its robust agricultural industry, Myanmar’s economy grew by 3.2% in 2020. Unlike other ASEAN countries which recovered from the pandemic, Myanmar’s economy contracted 17.9% in 2021 due to the ongoing political turmoil.
In terms of size, Myanmar is the second largest in Southeast Asia. The country’s total area is 676,578 km2. Myanmar shares borders with Thailand, Laos, India, and China.
Myanmar is rich in natural resources. Plus, it has a population of 55 million, a young labor force, and a strategic location with regional links to not only other ASEAN countries but also India and China.
Despite the effect of the COVID-19 pandemic and political turmoil, Myanmar’s economy is growing. Economic recovery in Myanmar is expected in the near term. By September 2023, the country’s economy is projected to grow at 3%.
Myanmar is the least developed country in Southeast Asia and has the lowest GDP per capita in the region. While these make the Myanmar market not as attractive as its neighbors’, companies can benefit from the first-mover advantage if they enter the Myanmar market.
Myanmar’s market is not saturated. Not to mention strong competition across sectors is not always present. With local knowledge and effective market positioning, early movers can gain a significant competitive advantage.
Myanmar’s market is often overlooked. Yet, it presents a first-mover advantage that companies can take advantage of to grow and thrive. Our Myanmar consulting experts can provide you with in-depth analysis and high-impact insights into Myanmar’s market.
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