The World Bank forecasts Myanmar’s Economy to Contract by 18 Percent in FY 2021
The World Bank forecasts Myanmar’s ...
The World Bank, in a report dated July 26, forecasts that the economy is expected to contract by 18 percent in 2021 Fiscal Year, which will have detrimental implications for the lives, livelihood, poverty, and future growth of the country.
The reports states that as a result of the ongoing crisis and rapidly-rising threat of Covid-19 cases, compounded on an economy that has already been weakened by the effects of Covid-19 in 2020, Myanmar’s economy is projected to contract by 18 percent. The report adds that the economy is around 30 percent smaller than it would have been without the impacts of Covid-19 and the February 1st military takeover.