Myanmar’s economy set to contract as floods and fighting take heavy toll, the World Bank says
Associated PressBANGKOK — Myanmar’s economy is forecast to contract this year, the World Bank said Wednesday, as flooding and fighting take a severe toll nearly four years after the military ousted its elected government headed by Aung San Suu Kyi. Pro-democracy guerrillas and ethnic minority armed forces seeking autonomy have been battling the Myanmar army after it took power in early 2021, when generals ousted the elected government of Aung San Suu Kyi The United Nations estimates that 3.5 million people, or about 6% of the population, have been displaced from their homes, more than half the country’s townships are embroiled in conflict and construction of major projects has been delayed, the report said. Julie Bishop, a former Australian foreign minister, warned that Myanmar risks becoming a “forgotten crisis.” Adding to the troubles, disruptions from the conflict have helped to undermine the value of Myanmar’s currency, the kyat, which lost 40% of its value against the dollar in informal trading in the first eight months of the year, the World Bank report said. Myanmar’s military administration stopped publishing trade data in mid-2024, the report said, but an analysis of data from its trading partners showed that garments and natural gas exports, which account for a large share of all its exports, fell more than 11% in April-September from a year earlier.
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