Mawlamyine, August (3)
The Mon state’s economy has declined by more than 50 percent due to the military council’s restrictions and multi-faceted crises a year and a half after the coup, the businessmen told Than Lwin Times.
The Mon state’s economy declined due to the regime’s restrictions on banking , dollars, and trade, as well as mismanagement.
Among businesses, hotels and tourism, construction, garment and service industries have been hit by those restrictions and are struggling to survive.
A businessman said all of his businesses were unable to recover after suffering huge losses.
“Until now, there has not been a good environment to do business. There is no longer any export or investment, and the economy is getting weak. The country’s situation is not stable, and people don’t dare take risks for business. It is not easy to recover the economy quickly. The state’s economy has dropped by 50 percent,” he said.
Following the coup, the state’s economy is in decline due to the depreciation of the Myanmar currency, soaring input prices, power outages, and increasing general costs.
A businessman said that he continues to operate his business by mortgaging his assets to prevent his business from collapsing after the coup, and if this situation continues, he will face bankruptcy.
The coup leader insisted that the country’s economic decline would be resolved within the next six months, and that the military council said they had enough dollars for the country’s economy.
The World Bank has estimated that Myanmar’s economy has declined by 18 percent due to the military coup, and in the long term, poverty may be twice as high as before.
News – Than Lwin Times