World Bank2014-01-282014-01-282013-10https://hdl.handle.net/10986/16631This economic update provides an overview for 2012 and 2013 in Myanmar, years during which the economy continued to accelerate. The main drivers of growth were increased gas production, services, construction, foreign direct investment, and strong commodity exports. Inflation has been on the rise in recent months, but the outlook is positive with the economy projected to grow more. This will be on account of a continued increase in gas production, increased trade, and stronger performance in agriculture. Risks to the outlook include the challenge of maintaining the reform momentum. Externally, a slowdown in Chinese domestic investment and a decline in global commodity prices would hurt commodity exporting countries such as Myanmar. The policy watch section presents a number of planned or recently implemented policy reforms which reflect the country's continuing drive to improve the business environment. A special feature article presents a summary of findings from a recent assessment of Myanmar s Public Financial Management (PFM).en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING SYSTEMADVANCED ECONOMIESAGGREGATE FISCALAGGREGATE FISCAL DISCIPLINEALLOCATIONALLOCATION OF RESOURCESANNUAL BUDGETARREARSARTICLEAUDITAUDITOR GENERALBANK ACCOUNTBANK ACCOUNTSBANK OFFICEBANKINGBANKING SECTORBRANCH NETWORKSBROAD MONEYBUDGETBUDGET CLASSIFICATIONBUDGET CLASSIFICATION SYSTEMBUDGET DEFICITBUDGET EXECUTIONBUDGET LAWBUDGET PREPARATIONBUDGETARY INFORMATIONBUDGETINGBUDGETSBUSINESS ENVIRONMENTBUSINESS OPPORTUNITIESCAPITAL ACCOUNTCAPITAL GOODSCENTRAL BANKCENTRAL BANKSCIVIL SERVICECIVIL SERVICE SALARIESCOLLATERALCOMMODITIESCOMMODITYCOMMODITY EXPORTSCOMMODITY MARKETSCOMMODITY PRICESCOMPETITIONCOMPETITION POLICYCOMPETITIVE TENDERCONSUMER PRICE INDEXCONSUMER PROTECTIONCONSUMPTIONCONTRACTCONTRACTSCOUNTRY MARKETSCREDIBILITYCREDITORSCURRENCYCURRENT ACCOUNTCURRENT ACCOUNT BALANCECURRENT ACCOUNT DEFICITCUSTOMERDATA QUALITYDEBTDEBT SERVICEDEBT SERVICE RATIODEBT SUSTAINABILITYDEMANDDEVELOPMENT BANKDOMESTIC CREDITDOMESTIC INFLATIONDOMESTIC INVESTMENTDOMESTIC MARKETECONOMIC ENVIRONMENTECONOMIC LIBERALIZATIONECONOMIC REFORMECONOMIC REFORMSECONOMYELECTRONIC TRANSACTIONELIGIBLE COLLATERALEMERGING MARKETSEQUITYEXCHANGEEXCHANGE RATEEXCHANGE RATE MOVEMENTSEXCHANGE RATE SYSTEMEXCHANGE RATESEXCHANGE RESTRICTIONSEXPENDITUREEXPENDITURE INCREASESEXPENDITURESEXPORT COMPETITIVENESSEXPORT GOODSEXPORT SECTOREXPORTERSEXTERNAL AUDITEXTERNAL DEBTFINANCEFINANCE MINISTRIESFINANCESFINANCIAL ACCOUNTABILITYFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL STABILITYFISCAL DEFICITFISCAL DISCIPLINEFISCAL IMPLICATIONSFISCAL MANAGEMENTFISCAL POLICYFISCAL YEARFOOD PRICESFOREIGN BANKSFOREIGN COMPANIESFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE RESERVESFOREIGN EXCHANGE TRANSACTIONSFOREIGN INVESTMENTFOREIGN INVESTORSFOREIGN NATIONALSFOREIGN OWNERSHIPFOREIGN TRADEFREE TRADEFREE TRADE AGREEMENTSFUTUREGOODGOODSGOVERNMENT BANKGOVERNMENT EXPENDITURESGOVERNMENT REVENUESGOVERNMENT SPENDINGGROWTH PERFORMANCEGROWTH RATEHIGH-INCOME COUNTRIESHIGHER ALLOCATIONSIMPORTIMPORT LIBERALIZATIONIMPORTSINCOMEINCOME TAXINFLATIONINFORMATION TECHNOLOGYINSTRUMENTSINSURANCEINTERESTINTERESTSINTERNATIONAL RESERVESINTERNATIONAL TRADEINVESTMENT BOOMISSUANCEJOINT VENTUREJOINT VENTURESLEGAL FRAMEWORKLOANLOCAL BANKSMACROECONOMIC DATAMACROECONOMIC INDICATORSMEDIUM-TERM OUTLOOKMINERAL PRICESMINISTRY OF FINANCEMONETARY EXPANSIONMONETARY POLICIESMONETARY POLICYMONEY SUPPLYNOMINAL EXCHANGE RATEOPEN MARKETOUTPUTPOSITIVE SPILLOVERPOSITIVE SPILLOVER EFFECTSPRICEPRIVATE BANKSPRIVATE PARTYPRIVATE PROVIDERSPRIVATE SECTORPRIVATE SECTOR CREDITPUBLIC ACCOUNTSPUBLIC EXPENDITUREPUBLIC FINANCESPUBLIC FINANCIAL MANAGEMENTPUBLIC HEALTHPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR DEBTPUBLIC SERVICESPUBLIC SPENDINGREAL ESTATERECESSIONREFORM PROCESSREFORM PROGRAMREFORM STRATEGYREGULATORREGULATORY RESTRICTIONSREGULATORY SYSTEMREPUTATIONRESERVERESERVE REQUIREMENTSRESERVESREVALUATIONREVENUEREVENUESRISKSSAVINGSSAVINGS ACCOUNTSSECURITIESSECURITIES EXCHANGESERVICESSHARESHORT-TERM INTEREST RATESLOWDOWNSPILLOVER EFFECTSSTOCKSTOCK EXCHANGESTOCKSSTRONG COMMODITYSTRUCTURAL REFORMSSUPPLEMENTAL BUDGETSSUPPLIESSUSTAINABILITY ANALYSISTAXTAX ADMINISTRATIONTAX REVENUESTELECOMMUNICATIONSTOTAL EXPENDITURETOTAL EXPENDITURESTRADE BALANCETRADINGTRANSACTIONTRANSPARENCYWITHDRAWALWorld Bank10.1596/16631