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Economy

Myanmar business sector disappointed with pace of reform

One year on, red tape and regulatory holes are hobbling growth

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A customer does business at AYA Bank in Yangon.   © Reuters

YANGON -- When the National League for Democracy took power in Myanmar last year it inherited one of the world's fastest growing economies, but one still tangled in an arcane web of rules and regulations and in desperate need of modernization.

The law governing companies dated from the pre-1948 British colonial period. Customs procedures were still paper-based. Power cuts were rife, particularly during the hot season. The fragile banking system was in urgent need of stronger supervision. Much of that still holds true.

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