Kovis, is anticipated to return to 7.2 percent in the 2020-2021 fiscal year, according to a World Bank report released in July 2020 under the previous civilian government.
In a report for 2021, the World Bank projects that Myanmar’s economy will shrink by 18 percent.
Additionally, the report stated that economic growth would have been 30% lower if the Kovis-19 pandemic and military coup had not occurred.
The World Bank says that while traffic is beginning to stabilize, revenues from retail, recreation, and transportation are still 30% below pre-epidemic levels. In addition, the impact on incomes and employment kept consumer demand low.
Operations are still hampered by demand and input weaknesses; decrease in agricultural production; A World Bank report says that rising commodity prices and less access to credit could make food security worse.
According to the World Bank, the long-term effects of a military coup could impede Myanmar’s development over the long term, and poverty levels are now more than twice as high as they were before the Kovis-19 pandemic.
