Myanmar economy to shrink by 18 percent this year: World Bank
Myanmar’s economy is expected to shrink by 18 percent this year due to political turmoil and a resurgent of COVID-19 pandemic, according to the World Bank (WB).
People wait to withdraw money from an ATM outside a branch of Myawaddy Bank in Yangon on February 23. (Photo: AFP/VNA)
Hanoi (VNA) – Myanmar’s economy is expected to shrink by 18 percent this year due to polit💫ical turmoil and a resurgent of COVID-19 pandemic, ac𓃲cording to the World Bank (WB).
The political instability has paralysed the economy, with many banks shuttered and authorities unable to issue bills or collect taxes.
Shutdowns, strikes, and internet blackouts have reduced liquidity and constrained the banking sector, the WB said, with the local kyat depreciating by around 23 percent against the US dollar.
The proportion of the population living in poverty in Myanmar was likely to more than double by the beginning of 2022 compared with 2019 levels, it said.
Investors rushed to Myanmar after the civilian government took power, paving the way for democratic reforms and economic liberalisation in the country of more than 50 million people.
However, after the recent coup, some foreign investors have suspended operations or pulled out completely.
Earlier this month, Norwegian telecoms giant T🔜elenor announced it was selling its Myanmar subsidiary, which is one of the leading operators in the country, with 18 million mobile phone customers./.
A Vietnamese diplomat has reiterated the call to all stakeholders in Myanmar to immediately end violence, restore trust, begin dialogue and conciliation, and implement the five-point consensus reached by ASEAN leaders in April this year.
Russian Foreign Minister Sergei Lavrov on July 6 expressed his country's strong support for the five-point consensus agreed by the Association of Southeast Asian Nations (ASEAN) on the situation in Myanmar.
The Association of Southeast Asian Nations (ASEAN) members are working closely together to implement the five-point consensus reached by their leaders to settle the crisis in Myanmar.
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