By Rajiv Biswas
Burma is at a crossroads, politically and economically. Will it become Asia’s new economic tiger or remain isolated from the global economy?
All eyes are on Burma’s elections on April 1, a test of its commitment to democratic reform. The quicker the government can reform, the quicker the U.S. and EU sanctions might ease and the quicker its growth will accelerate.
These are the first elections for more than twenty years to include opposition party the National League for Democracy, led by Aung Sang Suu Kyi. The U.S. has already started restoring full diplomatic relations with Burma, in recognition of its ongoing political reforms. As U.N. Secretary General Ban Ki-moon said last week, Burmais giving “a strong sense of hope and expectation for the international community.”
The unleashing of Burma’s economy could boost regional growth and intra-ASEAN trade and investment. As it is, Burma’s GDP growth rate is projected to average around 6 per cent per year until 2020, with GDP doubling to $124 billion by 2020, according to IHS Global Insight forecasts.
Read the full story at The Diplomat