Myanmar’s Economy in Freefall Under Military Regime
Myanmar’s Economy in Freefall Under Military Regime
Feature: The military regime s security forces guarding City Hall in downtown Yangon Feb.6 / The Irrawaddy
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By The Irrawaddy 22 April 2021
Before last year’s November election, the World Bank and the Asian Development Bank predicted that Myanmar would bounce back strongly from the economic impact of the global COVID-19 pandemic, with the economy set to grow at around 6 percent in 2021.
In the immediate aftermath of the military’s Feb. 1 coup, junta leaders sought to keep the economy on track by presenting themselves as business-friendly and saying that economic policies would remain unchanged during the state of emergency. The junta even appointed some individuals to Myanmar’s key economic ministries who were already well-connected and well-known to the international community.
Myanmar to Start Joint Projects With Three Asian Countries
An artist’s rendering of housing and residential structures within the KMIC project. / KMIC
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By Nan Lwin 21 December 2020
YANGON Amid efforts to secure foreign investment to mitigate the impact of the COVID-19 pandemic on Myanmar’s economy, the government expects implementation of three major infrastructure projects planned for Yangon Region with the participation of South Korea, Singapore and Thailand to begin soon.
Speaking at the annual meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on Sunday, U Thaung Tun, who heads the Union Ministry of Investment and Foreign Economic Relations (MIFER), said that while the global economy has faced many challenges due to the COVID-19 pandemic, Myanmar’s agriculture, electricity and industrial sectors have potential to attract investment from both domestic and foreign investors.