Financing the Future : Building an Open, Modern and Inclusive Financial System
Drees-Gross, Alexandra ; Annamalai, Nagavalli ; Wong, Sau Ngan ; Htay, Nang Htay ; De Luna Martinez, Jose ; Tanaka, Kiyotaka ; Natarajan, Harish ; Mahadevan, Balakrishnan ; Mortimer-Schutts, Ivan
Myanmar’s financial system is undergoinga rapid transformation. A history of economic isolation hasleft Myanmar with small and underdeveloped financialinstitutions and very low access to financial services.Since 2011, however, demands on the financial system havegrown exponentially with increased trade and investment,growing household income, and expanding governmentoperations. While recent reforms have stimulated financialsector growth, much more needs to be done to establish acompetitive and vibrant financial sector that can meet theneeds of Myanmar’s expanding economy, boost incomes, andreduce poverty particularly among those living in ruralareas. Increasing access to financial services is criticalto achieving shared prosperity in Myanmar.