According to the World Bank Group, the nation's GDP growth in 2016 was 6.4%, and the Asian Development Bank expects Myanmar's economy to expand by 8.3% in 2017, making it Asia's best performer.
As an emerging exonomy, Myanmar possesses immense potential. According to the World Bank Group, the nation's GDP growth in 2016 was 6.4%, and the Asian Development Bank expects Myanmar's economy to expand by 8.3% in 2017, making it Asia's best performer. The upcoming years will show an even greater increase due to economic reforms, according to the International Monetary Fund (IMF).
Myanmar's potential has not gone unnoticed, as the country has been drawing greater numbers of tourists from around the world. In fact, according to the Myanmar Ministry of Hotels and Tourism, 1.3 million international visitors came to Myanmar in 2015 (excluding via border gateways), and most of them were business travellers and tourists.
The focal point of Myanmar's business and tourism is Yangon, its most populous city and commercial capital. With the new government looking to reduce hotel and tourism licence fees by 50%, the economic oppurtunities in tourism alone are staggering. The government also intends to revise the nation's corporate law in 2017 ‐ a move that will likely allow foreign business to hold stakes in existing Myanmar companies. This initiative is set to inject new life into Myanmar's economy, as the revision could lead to greater corporate mergers and acquisitions.
Outside Myanmar, the US has announced an almost total roolback of economic sanctions, making it easy for American companies to do business in Myanmar. US companies like Coca-cola, PepsiCo, Ford, General Electric, Microsoft and KFC have been established a presence in the Myanmar market. The policy change will enchance and streamline the transitional process for companies looking to enter Myanmar's oil, gas, mining, power and real estate industries. This will generte more interest in Myanmar from foreign multinationals.
As business and tourism grow in Myanmar, extraordinary opportunities abound in a range of real estate segments, including commercial, hospitality, retail and residential space.