A lot of manufacturing businesses and factories in Myanmar have closed and are closing with their workers having no chance but to return home, following surges in Covid-19 cases in the third wave. Output, new orders, purchases, employment, and postproduction inventories all fell at quicker rates, with declines that were amongst the quickest in the series history, according to
AFP
Violent political conflict since the February military coup and a deadly third wave of the COVID-19 pandemic have pummeled Myanmar’s economy, with the World Bank predicting a double-digit contraction of GDP this year and many urban residents struggling with shrinking incomes and rising food prices.
The military ouster of the country’s elected civilian-led government nearly six months ago came after a year of business and travel lockdowns to prevent the spread of the pandemic had hobbled the country’s $75 billion economy.
The Feb. 1 coup d’état brought widespread anti-military protests and walkouts by civil servants and white-collar workers that were met with military violence, killing more than 900 civilians.
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.
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