IMF has reported that Myanmar is right to take steps to reduce its reliance on informal and segmented markets, and build the formal sector of its economy to achieve the broad-based growth it desires.

The country’s economic reforms have focused on building the institutions needed to run a modern market-based economy. They include reform of the exchange rate system, increased budget transparency, the passage of investment, agricultural and land laws, and a draft law for the creation of a newly autonomous central bank.

Myanmar has been heavily reliant on informal markets for decades, and this has prevented resources from being directed to areas where they are most needed, particularly agriculture.