Economy
Rice is the main crop in the region, occupying around 85% of the total agricultural land. Coconut and nipa palm plantations are also important. Fishing is a major industry, with most of the catch transported to Yangon, but some is also exported. Wood products such as timber, bamboo and fuel wood are extracted from the mountains. Small amounts of inferior-grade crude oil are produced from primitive, shallow, hand-dug wells, but there is yet unexplored potential for petroleum and natural gas production.
Tourism is slowly being developed. The ruins of the ancient royal town Mrauk U and the beach resorts of Ngapali are the major attractions for foreign visitors, but facilities are still primitive, and the transportation infrastructure is still rudimentary.
While most places in Myanmar suffer from chronic power shortages, in rural states like Rakhine the problem is disproportionately greater. In 2009, the electricity consumption of a state of 3 million people was only 30 MW, or 1.8% of the country's total generation capacity. In December 2009, the military government added three more hydropower plants, Saidin, Thahtay Chaung and Laymromyit, at a cost of over US$800 million. The three plants together can produce 687 MW but the surplus electricity will be distributed to other states and divisions.
Read more about this topic: Rakhine State
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)