Mawlamyine, April (2)
As long as the military council is in power, Myanmar’s economy, which is already in dire straits as a result of the conflict, has no chance of improving and might even get worse, the economists told Than Lwin Times.
In two years after the military seized power in a coup, Myanmar’s economic growth remains severely diminished, and its GDP is expected to increase just 3% in the fiscal year to September, the World Bank said on March 31.
The violence, severe power outages, and policy failures resulting from the military coup have created a political and social turmoil that will continue to disrupt the economy, said the World Bank.
In addition, the economic sector is unlikely to improve even materially due to power shortages, logistics disruptions, trade and foreign exchange restrictions, and regulatory uncertainty, the report said.
An economist pointed out that the faltering economy of Myanmar is currently seeking alternative means of survival and that it will not be possible for the economy to improve until the new administration is put in place.
Despite the country’s economic decline, Myanmar’s military leader declared in January that the country’s economy had recovered by nearly 8% as a result of efforts to control COVID-19 and promote local businesses.
According to the military leader, the country’s economy has developed as a result of the promotion of domestic businesses and the effective use of human resources in the domestic water and land resources, agriculture and fisheries, and forestry sectors.
According to a businessman, most businesses were shut down in more than two years following the military coup due to poor business conditions, and they had to keep existing businesses from collapsing.
It will take another 2 or 3 years for the economy to recover. By that time, business conditions will be good, investments will return, and the economy will be able to return to normal.
Myanmar’s economic output will remain well below levels seen in 2019, even as the rest of the East Asian region rebounds from pandemic-era lows, according to the World Bank.
Following the military coup in Myanmar, foreign investment continued to leave, and the country’s economy is in dire straits as a result of international sanctions.
News-Than Lwin Times
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Thanlwintimes