The Evolution of Economic Reforms Across Myanmar`s Administrations

Myanmar’s economic trajectory has shifted across various governmental regimes, transitioning from socialist to democratic systems and from planned to market economy structures.

The economic policies implemented by successive governments often lacked coherence and were characterized by ad hoc measures aimed at short-term solutions rather than addressing underlying issues.

Policymakers since 1989 have endeavoured to guide Myanmar towards a market-oriented economy, characterized by what could be termed the “Burmese/Myanmar Way to Market Economy”, which includes significant restrictions and controls.

Both the military-backed Union Solidarity Development Party (USDP) and civilian-led National League for Democracy (NLD) administrations made significant efforts to enhance liberalization and strengthen market economic principles, despite multidimensional challenges including inadequate capacities for policy formulation and over-reliance on past domestic experiences rather than international lessons.

All these reforms and economic pillars, established through intellect and hard work to ensure liberalization and a market economy, collapsed under the State Administration Council regime following the military coup of 1 February 2021.

Effective policy formulation and implementation are pivotal for Myanmar's economic trajectory, and policymakers must navigate historical practices and global standards with discernment, fostering policies that promote transparency, accountability, and inclusivity while adapting to feedback and interconnected economic realities.

Winston Set Aung is the Former Deputy Minister of the Ministry of Planning and Finance, Myanmar.