12 Contextual Understanding of Myanmar 2.2 ECONOMY Myanmar is one of the poorest nations in the world despite its significant reserves of oil, natural gas, timber, minerals, and precious gemstones 1. Although some experts say Myanmar has the potential to be the next “Asian Tiger,” the country faces serious challenges including poor infrastructure, lack of foreign investment, rampant corruption, and an unskilled labor force.23 Agriculture remains the backbone of the economy employing 70% of the Burmese labour force and accounting for nearly 40% of GDP.4 The industrial sector accounts for approximately 19% of GDP and employs about 7% of the Burmese labor force.5 In recent years, however, the industrial sector has grown only marginally and without a huge investment in infrastructure, including electricity and transportation, is unlikely to develop in the near term.6 7Tourism is a promising sector as Burma opens up to international visitors, tourists are flocking to the nation. The government is investing money in its expanding tourism industry. 1 Central Intelligence Agency. (2013). Burma: Economy in The World Factbook. Retreived from the website https://www. cia.gov/library/publications/the-world-factbook/geos/bm.html 2 Bissinger, J. (2012). Think Again: Burma’s Economy. Foreign Policy. Retreived from the website http://www.foreignpolicy.com/articles/2012/09/18/think_again_burmas_economy 3 Schuman, M. (2012). Will Burma Become Asia’s Next Economic Tiger? Retreived from the website http://business.time. com/2012/08/22/will-burma-become-asiasnext-economic-tiger/ 4 Food and Agriculture Organization (FAO). (2011). Myanmar and FAO Achievements and Success Stories. Retreived from the website http://www.fao.org/fileadmin/templates/rap/files/epublications/MyanmaredocFINAL.pdf 5 ibid 6 Economy Watch. (2010). Myanmar Economic Structure. Retreived from the website http://www.economywatch.com/ world_economy/myanmar/structure-of-economy.html Bamar tribe 7 Energy Market Authority. (2012). ADB Report: Capital Needed to Unlock Wealth of Opportunities in Myanmar’s Energy Sector, Singapore International Energy Week. Retreived from the website http://siew.sg/energy-perspectives/renewableenergy/adb-reportcapital-needed-unlock-wealth-opportunities-myanmars-