Multi-dimensional Review of Myanmar: Volume 1. Initial Assessment

2017-05-09, by OECD, from OECD Development Centre

Abstract: This volume is the first of the OECD Development Pathways, a new series that looks at multiple development objectives beyond an exclusive focus on growth. The series starts with Myanmar, a country to be covered for the first time by the OECD. This initial assessment shows that Myanmar’s success in achieving stable and sustainable growth will depend vitally on its ability to develop the institutional and social capital necessary to maintain macroeconomic and financial stability, to ensure the rule of law, to achieve environmentally sustainable development and to create an enabling environment for the private sector.

To be sustainable, growth also needs to be more equitable and inclusive. Seizing the momentum created by the country’s opening and internal peace process will be imperative. Moreover, Myanmar’s increasing population provides a demographic dividend which needs to be reaped in the next couple of decades to boost the potential of the economy. After that, the population will begin aging and Myanmar risks getting old before the incomes and living standards of its people can significantly improve.

Institutional and social capital will be vital to achieving stable and sustainable growth. The lack of institutional and social capital is the key constraint to Myanmar’s development, even more pressing than its lack of human and physical capital. Whether Myanmar succeeds in achieving stable and sustainable growth will depend vitally on its success in developing the institutional and social capital necessary to maintain macroeconomic and financial stability, to ensure the rule of law, to realize environmentally friendly sustainable development and to create an enabling environment for the private sector.

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http://www.oecd.org/development/mdcr/countries/myanmar/