Myanmar's economic growth remains 'severely diminished' and GDP is expected to increase just 3% in the fiscal year to September, the World Bank said on Friday, as the country remains embroiled in conflict two years after the military seized power in a coup.
A Myanmar national who said he was a fireman and recently fled to India shows a Myanmar kyat banknote as he poses at an undisclosed location in India's northeastern state of Mizoram, near the India-Myanmar border, March 15, 2021. REUTERS/Rupak De Chowdhuri
Widespread violence, worsening power shortages and policy failures will continue to disrupt an economy already crippled by political and social turmoil, the World Bank said in a regional report. Myanmar's army ousted an elected government in 2021, unleashing chaos as it sought to crush its opponents. Its crackdown on dissent and ensuing backlash from armed groups has led to a retreat by foreign firms concerned about political risks, sanctions and damage to their reputation.
Myanmar's gross domestic product contracted about 18% in 2021, before growing 3% in 2022, according to the World Bank.
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