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Inflation rate in Myanmar 2021

Inflation in Myanmar dropped to a five-year low in 2017, settling at 4.62 percent. This is down from a fairly high spike in 2016, expected to converge to a steady state around 6 percent in the coming years. For a developing economy, this is an acceptable level, though Myanmar’s central bankers would probably prefer one or two percentage points less.

What is inflation?

Inflation is the rise in prices over time. This is often caused by economic growth, and economists consider low, stable growth to be a sign of a healthy economy. The unemployment rate can also cause inflation if it is too low because businesses have to offer higher wages to attract workers. The firms raise prices to pay these higher wages, driving up inflation.

Myanmar may be different

While the unemployment rate is very low, other indicators may reveal that the labor market still has some slack. Myanmar does not publish the workforce particiaption rate, but one can infer by the low rate of urbanization that many workers may engage in subsistance agriculture or simply not search for jobs, keeping them out of the unemployment statistic. Similarly, the low gross domestic product (GDP) per capita may cause workers to stay with a job that is not a good match simply because they do not think they can find another. The hope is that the higher inflation rate will have upward pressure on wages, bringing more wealth to the people of Myanmar.

Myanmar: Inflation rate from 2004 to 2021

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Source

Release date

April 2020

Region

Myanmar [Burma]

Survey time period

2004 to 2019

Supplementary notes

According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021.

* Estimate.

Figures have been rounded.

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