Mawlamyine, February (1)
Myanmar’s economy has remained uncertain in the two years since the military coup, according to a World Bank’s report released on January 30.
It stated that the conflict had disrupted Myanmar’s economy and that the country’s currency had depreciated by 50% in the two years since the military coup.
Although the Myanmar currency has stabilized, the lack of foreign currency and trade restrictions have limited the import process, and the forced exchange of foreign currency with the Myanmar currency has reduced business competitiveness, according to the report.
A businessman told Than Lwin Times that Myanmar’s economy is in dire straits due to the depretiation of the Myanmar currency, the skyrocketing prices of imported goods, and transportation difficulties.
Although some local businesses have survived the current economic crisis, the report stated that people’s incomes and growth prospects are still gloomy.
Businesses are on the brink of collapse due to the military coup and its consequences.
A businessman said, “One who has about five businesses had to close three of them. It will take three years for the business to recover.
The World Bank, on the other hand, predicts that Myanmar’s economy will gradually recover and that economic growth will reach 3% by the end of September 2023.
The economists point out that the World Bank’s assessment of economic growth may be based on the oil and natural gas industries, and that most SMEs, including the manufacturing industry on the ground, are finding it difficult to survive.
The conflicts in the country, power outages, and policy changes continue to have a negative impact on Myanmar’s economy, and the World Bank says that GDP per capita is 13 percent below its pre-pandemic level.
News-Than Lwin Times