This paper examines the remarkable political transition underway in Myanmar/Burma since the inauguration of President Thein Sein at the end of March 2011. It begins with the historical background and the political context and then addresses the main features of the economy, highlighting current performance, major reforms, and key issues. It concludes by characterising the progress to date as verging on the miraculous, while stressing that future progress is highly uncertain. The next two years leading up to a national election in 2015 are unlikely to be as easy as the past two. Outsiders can be most helpful by giving senior officials more space to concentrate on policy formulation and implantation.