The United States announced on May 17th that it was lifting some of its sanctions on Myanmar to improve the country's trade and signal its support for ongoing political reform.

Many other countries have already lifted restrictions imposed on Myanmar's former military government. That's as the recent transfer of power to an elected government has seen growth rise to a predicted 8.4% this year.

It’s been a good year for traders at the Zay Cho market in Mandalay.

Customers have been plentiful, tempted by the new goods the vendors have for sale and supplies have been flowing freely as restrictions have lifted on goods coming from overseas.

Ko Soe has been running his stall for thirty years, but recent changes have had a major impact on his business.

"Because of the changes in the last few years we now get fresh fish from different countries and dry it here. I like this very much and it means we can make many more products," said Ko Soe, dried fish seller, Zay Cho market.

Elsewhere in Myanmar's second city, the signs of growth all all the more apparent.

The peaceful transition of power has restored confidence for many investors. The visible evidence of which is a building boom sprouting in many of Myanmar's cities.

While sanctions have been lifted in the US and European, investors from China, Thailand and Singapore have been quick to enter this emerging market.

And imports are rising fast too. A new generation of consumers are returning from jobs overseas with different aspirations and appetites.

Myanmar’s past may also be important to its economic future.

With the change in government most countries have now lifted travel advisories that suggested in the past that tourists didn’t visit Myanmar.

Now hundreds of thousands of tourists are visiting every year. Coming to places like this, the thousands of pagodas at Bagan and its thought, that managed properly this could be an incredible income earner for Myanmar, like Angkor Wat is for Cambodia.

Last year six times more tourists visited than a decade ago and new hotels, resorts and transport links are springing up to service an industry many believe will continue to expand rapidly.

But some fundamental problems remain - like an education system that has been neglected for far too long.

Htet Lwin dropped out of university because the computer studies course he was on was too backward.

He said , "I’m not interested in a university course, because they’re very traditional, very old."

Instead, he taught himself to build apps and websites - a skill he now uses to market other businesses and his own.

"When we started our business most business owners didn’t understand the value of having a website or an app. But after 2 years, their mindset has changed and now they accept that they need an app or a website," said Lwin.

There is still a long way to go, but the country once known as the "breadbasket of Asia" is keen to regain its place as a major economic power in the region.