Yangon, April (30)
Myanmar’s military coup has resulted in a dramatic increase in inflation and unemployment, according to an independent research organization, Inya Economics.
On April 28, Inya Economics published a report on the economic impact of COVID-19 and the coup in Myanmar in 2021.
Myanmar’s economy worsened after the coup than during the pandemic, according to the research, and economic indicators were negative.
In addition, the report claims that growing production costs, general costs, and commodity prices are generating inflation, and that unemployment has risen dramatically due to a lack of job opportunities.
According to one businessman, Myanmar’s economy is slowing due to a lack of international investment and local restraints.
“Due to economic constraints, there are no investments. International investment may return if the restrictions are lifted. I think it depends on how you deal with these restrictions and COVID-19,” said the report.
The companies, on the other hand, were unable to withdraw cash due to the military council’s banking restrictions, and the lack of access to credit for investment has made it harder for businesses to run than to expand.
According to the research, the unemployment situation has resulted in an increase in the number of persons illegally crossing the border to work overseas.
According to the World Bank, more than a year after the military takeover, unemployment in Myanmar is still rising, and poverty is expected to double.
News – Than Lwin Times
Thanlwintimes