Singapore, Jan 30 (EFE).- The World Bank Monday forecasted 3% growth for Myanmar’s economy, warning that a worsening conflict would hamper the military-ruled country’s economic activities. The expected moderate growth rate for the current fiscal year, which ends in September, is similar to the previous year. However, the GDP dropped by 18% in 2021. “Although …
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.
By Reuters Staff
1 Min Read
WASHINGTON, Feb 25 (Reuters) - The World Bank has halted payments to projects in Myanmar on withdrawal requests made after a Feb. 1 coup by the country’s military, the bank said in a letter to Myanmar’s finance ministry seen by Reuters on Thursday.
A World Bank spokesman verified the letter, from World Bank Myanmar country director Mariam Sherman to the Myanmar Ministry of Planning, Finance and Industry, which said that the bank would make payments to Myanmar project suppliers, contractors and consultants for withdrawal applications made prior to that date. (Reporting by David Lawder and Poppy McPherson Editing by Chizu Nomiyama)
FILE PHOTO: The World Bank headquarters building is decorated ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas
WASHINGTON (Reuters) - The World Bank has halted payments to projects in Myanmar on withdrawal requests that were made after a Feb. 1 coup by the country s military, the bank said in a letter to Myanmar s finance ministry seen by Reuters on Thursday.
A World Bank spokesman verified the letter, from World Bank Myanmar country director Mariam Sherman to the Myanmar Ministry of Planning, Finance and Industry. It said the bank would make payments to Myanmar project suppliers, contractors and consultants for withdrawal applications made prior to that date.
UPDATE 1-World Bank halts payment requests on Myanmar projects made after Feb 1 coup reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.