Myanmar's economy is a growing one. Its GDP is still low at 60 billion USD in 2014, which leaves the country’s per capita GDP at around 910 USD, one of the lowest in the region. Nevertheless, the Asian Development Bank estimates a growth of 7.8% for the financial year 2015, thanks to foreign investment, buoyant tourism, new exports, and credit growth.
Agriculture, industries, and tourism are the main sectors of Myanmar's economy, although farming accounts for the largest portion of the country's GDP. The major agricultural crop is rice, which covers more than half of the cultivated land in the country. The discovery and exploration of natural gas and petroleum resources, accompanied by financial investment from foreign companies, will likely make this industrial sector grow in the coming years. Tourism has been steadily growing since 2011 and with the predictable improvement of services; it bound to start amounting for a larger portion of the country's economy soon.
Visitors willing to work in Myanmar are advised to apply for a business visa before entering the country. This will enable foreigners to stay up to 70 days in Myanmar, at your company's rented apartment, and will ease processes such as opening a bank account.
To apply for a multiple entry business visa, you need to prove that you have been to Myanmar on three separate business visas previously. This will allow you to stay in the country for up to six months and to apply for a long stay permit in the future.
Until recently, foreign workers had to wait up to two days in their embassy to get their working visa. Fortunately, it is now possible to get it prior to landing at Yangon or Mandalay international airports via visa-on-arrival. To find out more about working visas, visit the Myanmar Ministry of Foreign Affairs website.
As a resident in Myanmar, you must pay part of your income to the government in the form of taxes. The income tax brackets are as follows: