According to the World Bank, the country's gross domestic product is expected to increase by just 3% in the fiscal year to September.
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. The World Bank said 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. The report said households faced severe pressure due to lower purchasing power and higher food and fuel prices, with the kyat currency plunging around 31 per cent against the US dollar.
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