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Some economic figures NOT 31% incre



Subject: Some economic figures NOT 31% increase in investment!!!!

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for those who care:

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July 1999 -- Khin Nyunt on return from South Africa annonces trade
agreement with South Africa.
Junta's official statistics in July reported foreign trade amounted to 3.96
billion U.S. dollars in 1998, up 31 percent over the previous year.  What a
sick joke. Read this. 

Burma's army junta is focusing renewed attention to agriculture as
infrastructure projects and city construction dwindles due to a lack of
foreign investment. The urban economy is stagnating under 40% inflation and
an official exchange rate for the country's kyat pegged at 60 times the
open market value.

 Investment from other Southeast Asian nations is down 70 % and most
western investors other than oil companies have pulled out, because of
economic sanctions, consumer boycotts and the junta's unpredictability. 27
May  article in  "The Journal of Commerce" : companies are "divesting
because of Myanmar's political uncertainty and the government's failure to
develop laws and regulations that would allow any foreign investor (perhaps
save for oil and gas exploration companies) to be profitable."  ( The Burma
Project, Open Society Institute   "Burma News Update"  No. 85 3 June 1999 

Burma's Economy Slides rice exports have dropped dramatically, and foreign
investment plummets, serious power shortages force lengthy electricity cuts
in the capital, Rangoon, elsewhere ; power price hikes displeased foreign
investors. Inflation officially pegged at 37 percent, but sharp rises in
basic commodity costs include a 1800 % increase in the cost of rice since
1988, and an 8000 % jump in the price of salt. The junta has pressed 30,000
 prisoners into rice production and introduced other incentives, hoping to
remedy disarray in the nation's distribution system.Bangkok, "Nikkei
Weekly" (Tokyo), 26 April (Burma ProjectOpen Society Institute
Burma News Update No. 83 04 May 1999

Foreign Investment Plummets : New foreign investment in Burma dropped over
80 percent in 1998 to $247
million, according to official statistics released in Rangoon. Officials
blamed the Asian economic crisis for the sharp decline, and announced that
26 companies, most from East and Southeast Asia, had recently pulled out of
the country. Rangoon, "Xinhua News Agency," 16 April

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