Myanmar’s tourism industry experienced unprecedented growth between 2011 and 2019, fueled by policy reforms, foreign investment, and international interest. The sector received significant foreign investment and saw rapid hotel expansions during this period. The upward trajectory was interrupted by the COVID-19 pandemic in 2020, followed by geopolitical challenges and natural disasters. The analytical note is intended to provide a historical context of Myanmar’s tourism developments since opening-up in 2011, while offering a narrative on the outlook ahead. This comes at a juncture where the tourism industry has rapidly evolved into a crucial pillar of Myanmar’s economy and a key driver of its social and economic development.