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After several years of rapid expansion and double-digit credit growth, Myanmar’s banking sector underwent several necessary reforms in 2017 and 2018, as the Central Bank of Myanmar moved to introduce new prudential regulations and reduce overdraft lending. Although foreign banks remain prohibited from participating in retail activities, a spate of recent directives have made promising strides towards liberalisation, with foreign entities now permitted to provide import and export financing, as well as lend to local businesses – a major step forward for the development of the sector. Financial inclusion has benefitted from rapid mobile adoption and supportive policy-making. This chapter contains interviews with U Kyaw Kyaw Maung, Governor, Central Bank of Myanmar; U Thein Zaw Tun, Managing Director, CB Bank; He Bi Qing, CEO, ICBC Yangon; and U Nyo Myint, Vice-Chairman, Myanmar Insurance Association.

Benefitting from a large population, an ideal geographic position and abundant natural resources, Myanmar’s trade and investment volumes hold enormous potential for future expansion, although the country is facing both domestic and external challenges. Foreign direct investment inflows soared from 2011, upon the country’s economic liberalisation and democratic transition, although they have slumped recently in the wake of ongoing restrictions on foreign business activities, delayed legal reforms and rising international scrutiny of domestic conflicts. Trade volumes have expanded considerably since 2011, supported by strong agricultural output, energy exports and expansion of the labour-intensive garment. However, imports continue to outpace exports and the potential withdrawal of EU trade privileges has darkened the near-term outlook. This chapter contains interviews with U Than Myint, Minister of Commerce; U Zaw Myint Maung, Chief Minister, Regional Government of Mandalay; Patrick Ip, Managing Director, China-ASEAN Investment Cooperation Fund; and Hiroyuki Ishige, Chairman, Japan External Trade Organisation.

Myanmar’s macroeconomic performance improved in 2018 as recovery in the agriculture sector, rising oil and gas prices, and substantial growth in several manufacturing segments helped the country regain positive momentum. Efforts to encourage private sector activity and liberalise the economy have been extensively detailed in a new long-term economic development agenda, and recent legislative reforms should further bolster business engagement. At the same time, the country is facing several notable challenges. The liberalisation of financial services has been slower than anticipated: deficits in the fiscal budget and the external balance of trade remain large and continue to grow, and currency depreciation hampered growth and spurred inflation in 2018. This chapter contains interviews with U Soe Win, Minister of Planning and Finance; U Zaw Min Win, President, Union of Myanmar Federation of Chambers of Commerce and Industry; and Parag Khanna, Founder and Managing Partner, FutureMap.

Prior to 1971 the sharia courts had jurisdiction over all civil and criminal matters, as well as personal status affairs in the sultanate of Oman. However, following the succession of Sultan Qaboos bin Said Al Said, the judicial system was reformed and Sharia Courts now only govern matters related to family disputes and inheritance. The 1996 Basic Statute of the State reshaped and codified the legal system in Oman, creating separate structures for the executive bodies, the judiciary, and the rights and obligations of individuals. This chapter contains a viewpoint from Ben Ewing, Partner, CMS.

In recent decades there has been a major improvement in the quality of health care in Oman. Rising living standards have greatly reduced the impact of contagious diseases, though the high rates of non-communicable diseases – common among many GCC countries – continue to climb. Despite feeling the impact of the fiscal austerity caused by low oil prices, the country’s health sector is poised to resume growth, aided by the expected introduction of mandatory health insurance for expatriates.