Burmas Economy 💀

Question 1

Economy under U Nu (48-62)

Answer 1

Strategy: nationalisation and welfare
Poorly thought out 8 year plan
Attempted to reallocate land for agriculture
Rural projects emphasised over industrialisation

Effects:
rice falling by 2/3
and mineral exports by 95%

Question 2

Economy under Ne Win (62-74)

Answer 2

Strategy: BUMESE WAY TO SOCIALISM WOOHHH
Nationalisation of all industries and promoted self sufficiency
Laws passed to nationalise private enterprises
Essential commodity firms were nationalised
All internal trade declared a Govt monopoly

Effect:
Many Indian and foreign middle class left the country
Essentially bankrupted country
Had to import rice to prevent starvation
Led to inefficient SOEs that failed to produce goods and services
Negative growth of -1.2%
Equity wise bottom quintile only 5x poorer than top quintile

Question 3

Economy under Ne Win(74-88)

Answer 3

Currency demonetised several times in 1985 and 1987

Rendered some 70% of savings worthless and led to 8888 uprisings

Question 4

Economy under SLORC (1988 onwards)

Answer 4

Strategy: permit modest expansion of private sector
Allowed some foreign investment and received much needed foreign exchange
Four Year Plan (1992-1996) to enhance production in Agri and export industries
Market reforms introduced; foreign investment welcomed but with strings attached

Effect:
Inflation still ran at 40%
GDP did increase at 6% annually