| Description/subject: | | Important report, which criticises the SLORC's economic and social policies, including paddy procurement policies."A significant program of economic reforms has been instituted in Myanmar since the State Law and Order Restoration Council
(SLORC) assumed power in late-1988. This shift in economic policies followed almost a quarter century of economic decline
during which the prevalent development paradigm was termed " the Burmese way of socialism " . Under that model, economic
development was to be achieved through rapid industrialization and self sufficiency, and led by the State Enterprise (SE) sector.
Economic performance under that policy regime was poor. During 1962-77, real GDP growth barely kept up with population
expansion and, as a result, living standards stagnated. Investment levels remained low, agricultural output grew slowly, and the
economy grew more inward looking. The initial attempts at economic reform in the mid-1970s succeeded at first but could not be
sustained due to macroeconomic and structural factors, which were reflected in widening budget and current account deficits,
rising inflation, and stagnant agricultural output and exports. Faced with these serious external and internal imbalances in the
early-1980s the Government's stabilization attempts relied on tightening import controls, cutting public investment, and
demonetization but were ineffective in reversing the economic decline. Following the anti-government demonstrations of 1988,
the SLORC assumed power and announced that many key aspects of the earlier model would be abandoned in its economic
reform program. With over seven years having elapsed since those reforms were initiated, it is an opportune time to take stock.
Specifically, this report examines the impacts of the policy changes, with a view to identifying the areas in which progress has
been made, as well as the gaps that still remain in the program. This analysis would then underpin the report's
recommendations concernng areas in which additional reforms are required and how these measures should be phased.
Keywords: Economic growth; Economic reform; Economic stabilization; Government role; Policy making |
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