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Regulatory reforms aimed at implementing interna¬tional best practices across banks, capital markets and the insurance industry have been undertaken in Jordan’s financial services sector, which already benefits from stable, well-capitalised and profitable lenders, and rapid growth and diversification in Islamic financial services. Yet, there remains room for improvement. The majority of the population is still unbanked and overall financial inclusion is low. Meanwhile, many businesses have difficulty accessing credit, despite growing concerns over excess liquidity, although rising government and donor investment in new lending programmes could see financing to small and medium-sized enterprises improve considerably in 2018. This chapter contains interviews with Ziad Fariz, Governor, Central Bank of Jordan; Iyad Asali, General Manager, Islamic International Arab Bank; and Nemeh Sabbagh, CEO, Arab Bank.

Macroeconomic growth hit a 25-year low in 2016 as ongoing regional volatility continued to constrain trade, exports and investment. The Syrian refugee crisis has exacerbated existing pressures on fiscal stability and social infrastructure, while public debt has been on an upward trend as the government attempts to cover the costs associated with hosting over 500,000 refugees. However, 2016 may have also marked a turning point for the economy, with authorities making significant progress in implementing an IMF-backed reform agenda, which enabled Jordan to reduce its budget deficit from 3.5% of GDP in 2015 to 2.6% in 2017, and reduce or eliminate costly fuel, electricity and tax subsidies. The government is now turning its attention to green and digital expansion as it moves forward on a new mid-term economic development agenda, with the aim of improving the business climate and attracting new investment to support targeted double-digit growth in the manufacturing, electricity, water, transport, ICT and construction sectors. This chapter contains interviews with Omar Malhas, Minister of Finance; Muhannad Shehadeh, Minister of State for Investment Affairs; and Abdulwahab Al Bader, Director-General, Kuwait Fund for Arab Economic Development.

This chapter gives an overview of Myanmar’s legal system, examining recent developments such as the New Companies Law. This section also outlines investment rules and incentives for foreign input, as well as a new banking regulation enabling the formation of a credit bureau. It also contains a legal framework viewpoint from Cheah Swee Gim, Director, Kelvin Chia Yangon.

This chapter gives an overview of Myanmar’s tax regime, focusing on key developments including the New Company Law and the extension of the self-assessment system implementation. Draft Revenue Appellate Tribunal law changes are also examined in this chapter. It also contains a tax viewpoint from U Win Thin, Chairman, Win Consulting.

To capitalise on the potential of its young and education-hungry population, the Myanmar government is working to rebuild its public education system at every level. Passing the appropriate legislation as well as further opening the sector up to new international partnerships and foreign investors will likely be necessary to achieve this, as will continued investment in infrastructure and learning resources, particularly in rural and more marginalised regions. Driven by demand for better services from the expanding middle class and bolstered by higher levels of public expenditure, growth in Myanmar’s health care sector is expected to accelerate. This comes during a time of regulatory relaxation, with the government drafting reforms intended to streamline the processes through which local and foreign companies are able to able to invest, incentivising private investment and stoking competition. This chapter contains interviews with U Pho Kaung, Rector, University of Yangon; and Dr Aye Aye San, CEO, Victoria Hospital; and General Secretary, Myanmar Private Hospitals Association.