Myanmar’s population is 54.55 million, of which nearly 70% is of working age. From 2010 – 2015, the country’s average population growth was 0.81% pa, which is expected to slow and result in a population of 56.24 million in 2020. Yangon is the most populous city with 5.5 million.
Myanmar is an emerging economy that reported a GDP of US$64.87 billion in 2015, increasing 0.84% year-on-year (YoY). Reliant upon the primary sector, severe flooding in July 2015 was detrimental to the economy.
Source: United Nations. (*) preliminary census result of 2016, (**) 2015 full year estimate
Myanmar has attracted large foreign direct investment (FDI). From 1988 – 2015, it cumulatively attracted US$58.2 billion, one-third of which was from the oil and gas industry. Since economic liberalization in 2012, registered FDI reached a peak in 2014 with more than US$8 billion. However, in 2015, registered FDI decreased significantly to only US$4.1 billion.
From 2011 – 2015, international visitors to Myanmar increased sharply at an average growth of 42% pa. According to the Myanmar Ministry of Hotels and Tourism, the number of international visitors to Myanmar was approximately 4.68 million in 2015, a significant increase of 52% YoY.
YANGON MARKET, 2H/2016
Yangon office stock reached 315,000 m2 net lettable area (NLA), increasing 11% YoY. Grade A remained the largest supplier with over 187,000 m2, followed by Grades C and B. At the end of November 2016, two new Grade A projects entered the market, Sule Square with 28,800 m2 and Crystal Tower with 13,500 m2.
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