Overview of Myanmar
The economy of Myanmar is on a slow but steady increase. It's weak economy can be attributed to the volatile government and hazardous weather conditions. It was run by an oppressive military government until 2011. It's GDP reached an all time low in 1988 during the democratic uprising. Heavy flooding occurs annually, inflicting economic harm to Myanmar.
1. Life Expectancy
The life average expectancy of Myanmar is 68 while that of the United States is 79.1. Citizens in a developed country often have easier access and can afford healthcare, sanitation and other necessities. Hence people in the United States are more likely to live a healthier and longer life. In addition, Myanmar is annually hit by large floods, which takes many lives. For example, in 2015 alone, 103 people were killed in the floods.
2. Income per Capita (USD)
The income per capita for Myanmar in 2015 was 4010 USD while that of the United States was 53.4K USD. The income per capita of developed countries is usually higher than that of developing countries. Therefore consumers in developed nations can often afford all necessity goods, have higher disposable income and quality of life.
In 2016, the Myanmar government significantly increased its education budget to $1.3bn. This equals to over 5% of the total government spendings. The new budget was used to employ 50,000 new teachers and working towards establishing a free education system. The government hopes to increase the accessibility of education to allow more graduates to acquire jobs in the market.
Increased education of workers will increase their productivity. This causes an outward shift of the PPC curve of Myanmar. Education also increases the number of skilled workers, potentially increasing the income per capita and GDP of the nation.
Following the worldwide trend, the technology of Myanmar is also on a rapid rise. Over 80% of the consumers in Myanmar are connected through technological advancements such as smartphones and the internet. Technology allows firms to increase efficiency by decreasing time delays and menial work. As