The Economy of Burma (Myanmar) is one of the least developed in the world, suffering from decades of stagnation, mismanagement, and isolation. Burma?s GDP stands at $42.953 billion and grows at an average rate of 2.9% annually – the lowest rate of economic growth in the Greater Mekong Subregion.[2] Among others, the EU, United States and Canada have imposed economic sanctions on Burma. Historically, Burma was the main trade route between India and China since 100 BC. The Mon Kingdom of lower Burma served as important trading center in the Bay of Bengal. After Burma was conquered by British, it became the wealthiest country in Southeast Asia. It was also once the world?s largest exporter of rice. It produced 75% of the world?s teak and had a highly literate population. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalization. The government also tried to implement a poorly thought out Eight-Year plan. By the 1950s, rice exports had fallen by two thirds and mineral exports by over 96%. The 1962 coup d??tat was followed by an economic scheme called the Burmese Way to Socialism, a plan to nationalize all industries. The catastrophic program turned Burma into one of the world?s most impoverished countries. In 2011, when new President Thein Sein?s government came to power, Burma embarked on a major policy of reforms including anti-corruption, currency exchange rate, foreign investment laws and taxation. Foreign investments increased from US$300 million in 2009-10 to a US$20 billion in 2010-11 by about 667%.[6] Large inflow of capital results in stronger Burmese currency, kyat by about 25%. In response, the government relaxes import restrictions and abolishes export taxes. Despite current currency problems, Burmese economy is expected to grow by about 8.8% in 2011.[7] After the completion of 58-billion dollar Dawei deep seaport, Burma is expected be at the hub of trade connecting Southeast Asia and the South China Sea, via the Andaman Sea, to the Indian Ocean receiving goods from countries in the Middle East, Europe and Africa, and spurring growth in the ASEAN region..."...Contents: 1 History: 1.1 Pre-colonial era; 1.2 Colonial era (1885 - 1948); 1.3 Independence; 1.4 Military rule (1988 - 2011); 1.5 Economic liberalization (2011-present)... 2 Industries: 2.1 Garment production; 2.2 Illegal drug trade; 2.3 Oil and gas; 2.4 Gemstones; 2.5 Tourism... 3 External trade... 4 Macro-economic trend... 5 Humanitarian aid... 6 Other statistics... 7 Impact on population... 8 See also... 9 Footnotes... 10 External links.