The World Bank thinks that poverty is twice as common in Myanmar as it is in Kovis-19.
According to the World Bank, poverty has more than doubled since the beginning of the Kovis-19 outbreak, particularly given that the poor, who have run out of resources due to recent events, have been impacted in numerous locations.
A recent survey conducted by Myanmar in October 2021 found that roughly half of all domestic businesses are affected by a lack of raw materials and inputs.
The kyat’s rise in value and fall in value were both directly related to this.
However, farmers are concerned about the rising costs of essential agricultural inputs. Getting a loan is difficult in many ways. Transporting goods will continue to be challenging.
Products from agriculture are falling as a result; Food security may be compromised by rising commodity prices and reduced credit availability.
Additionally, food security and vulnerabilities will be significantly impacted by ongoing economic pressures.
Myanmar Mariam Shaman, the World Bank’s country director for Cambodia and Laos, warns that most Burmese remain extremely concerned about current and future forecasts.
Concerns from a humanitarian perspective have been raised by the conflict’s recent escalation, which may have an impact on businesses. Due to the limited availability of vaccines and health requirements, he stated, Myanmar would be “extremely vulnerable” to the Kovich gene omega-3.
In a similar vein, senior economist Kim Edwards from the World Bank in Burma stated that the majority of indicators were in sharp decline, with a sharp decline in private investment and declining demand for potential projects in the past, including the electricity sector, making it more difficult for the country to stand on its own two feet.
In addition, months of absence have resulted in a sharp rise in the unemployment rate. Long-term productivity and human resource skills will also suffer significantly as a result of displacement.
Due to weaknesses in the input and demand sectors, there are still weak barriers to operations in the current situation. the accessibility of basic materials; Access to the internet and banking continues to be problematic.
As a result, the effects of the global epidemic and the conflict are the focus of the World Bank’s short-term forecast for Myanmar. not only with regard to the ups and downs of the financial sector and foreign exchange, but also with regard to gas and electricity. Freight and digital connectivity are two major services that will continue to be disrupted.
The 2021 coup and the spread of the Kovis-19 epidemic continue to have a significant impact on the Burmese economy and populace. According to a World Bank report, Myanmar’s fiscal year 2021 economic growth will slow to 18 percent by September.
However, Myanmar’s economy is expected to grow by 1% in the current fiscal year 2022, as of September.
