19 Feb '12, 7am

Myanmar's economic promise faces pitfalls

NAYPYIDAW: Resource-rich Myanmar is seen as a hot new business frontier as reforms tempt investors, but with currency distortions and a banking system in tatters, analysts warn the economy could be slow to bloom. International economic experts meeting in the capital Naypyidaw last week agreed there was almost a contagious faith in the country's potential as it opens up after years of isolation. Aside from its abundant natural resources, including oil and minerals, Myanmar has huge scope to develop its tourism industry after years of boycotts against the former ruling junta. The country was once known as the "rice bowl of Asia" because of its agricultural riches. But economic mismanagement during nearly 50 years of direct military rule left the country deeply impoverished. Today, as a new government pushes through political reforms at a rate that has stunned observers, many...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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Myanmar's economic promise faces pitfalls: Experts

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