ANL 23.10 Decreased By ▼ -0.70 (-2.94%)
ASC 16.10 Decreased By ▼ -0.30 (-1.83%)
ASL 22.25 Decreased By ▼ -0.40 (-1.77%)
BOP 8.55 Increased By ▲ 0.17 (2.03%)
BYCO 8.96 Increased By ▲ 0.15 (1.7%)
FCCL 18.07 Decreased By ▼ -0.40 (-2.17%)
FFBL 24.45 Decreased By ▼ -0.15 (-0.61%)
FFL 17.90 Decreased By ▼ -0.15 (-0.83%)
FNEL 8.40 Decreased By ▼ -0.14 (-1.64%)
GGGL 22.09 Decreased By ▼ -0.21 (-0.94%)
GGL 43.18 Decreased By ▼ -0.77 (-1.75%)
HUMNL 7.02 Decreased By ▼ -0.15 (-2.09%)
JSCL 20.85 Decreased By ▼ -0.73 (-3.38%)
KAPCO 37.90 Decreased By ▼ -0.20 (-0.52%)
KEL 3.61 Increased By ▲ 0.01 (0.28%)
MDTL 3.00 Decreased By ▼ -0.07 (-2.28%)
MLCF 36.30 Decreased By ▼ -0.18 (-0.49%)
NETSOL 153.30 Decreased By ▼ -4.45 (-2.82%)
PACE 5.98 Decreased By ▼ -0.03 (-0.5%)
PAEL 31.20 Decreased By ▼ -0.45 (-1.42%)
PIBTL 9.36 Decreased By ▼ -0.11 (-1.16%)
POWER 7.90 Decreased By ▼ -0.14 (-1.74%)
PRL 20.85 Decreased By ▼ -0.13 (-0.62%)
PTC 10.40 Increased By ▲ 0.02 (0.19%)
SILK 1.67 Decreased By ▼ -0.02 (-1.18%)
SNGP 43.19 Decreased By ▼ -0.56 (-1.28%)
TELE 22.06 Decreased By ▼ -0.64 (-2.82%)
TRG 173.50 Decreased By ▼ -2.41 (-1.37%)
UNITY 36.20 Decreased By ▼ -0.77 (-2.08%)
WTL 3.25 Decreased By ▼ -0.08 (-2.4%)
BR100 4,979 Decreased By ▼ -47.44 (-0.94%)
BR30 24,460 Decreased By ▼ -312.8 (-1.26%)
KSE100 46,636 Decreased By ▼ -284.38 (-0.61%)
KSE30 18,480 Decreased By ▼ -177.85 (-0.95%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,135
6324hr
Pakistan Cases
1,221,261
2,51224hr
4.4% positivity
Sindh
449,349
Punjab
420,615
Balochistan
32,722
Islamabad
103,923
KPK
170,738
Markets

Economy of coup-wracked Myanmar to contract 18%: World Bank

  • A mass civil disobedience movement has also paralysed the economy
26 Jul 2021

BANGKOK: Myanmar's economy is expected to shrink by 18 percent in 2021, the World Bank said Monday, as a result of massive unrest following a military coup and a resurgent coronavirus outbreak.

The country has been in turmoil since the military took power in February and launched a bloody crackdown on dissent that has killed more than 900 people according to a local monitoring group.

A mass civil disobedience movement has also paralysed the economy, with many banks shuttered and authorities unable to issue bills or collect taxes.

Already weakened by the coronavirus pandemic, the economy is "expected to contract 18 percent" in the Myanmar fiscal year ending in September, the lender said.

World Bank approves $442m for Pakistan’s water and sanitation services

Shutdowns, strikes and internet blackouts have reduced liquidity and constrained the banking sector, it said, with the local kyat currency depreciating by around 23 percent against the United States dollar.

The contraction would mean Myanmar's economy is "around 30 percent smaller than it would have been in the absence of COVID-19 and the military takeover", it said.

The proportion of the country's population living in poverty was "also likely to more than double" by the beginning of 2022 compared with 2019 levels, it added.

Investors piled into Myanmar after the military relaxed its iron grip in 2011, paving the way for democratic reforms and economic liberalisation in the country of more than 50 million people.

Since the putsch, several foreign investors have suspended operations or pulled out completely.

Norwegian telecoms giant Telenor announced earlier this month it was selling its Myanmar subsidiary, which is one of the leading operators in the country, with 18 million mobile phone customers.

The junta has justified its power grab as a means of protecting democracy, alleging electoral fraud in November's election, won by Aung San Suu Kyi's National League for Democracy.

Comments

Comments are closed.