The World Bank states Myanmar’s economy is projection to grow just 1% in the financial year that ends in March
ByThe Associated Press
December 12, 2023, 9: 41 AM
FILE – In this picture supplied by the Kokang online media, members of an ethnic armed forces group, one of the 3 militias understood as the Three Brotherhood Alliance, check weapons the group supposedly took from Myanmar’s army station on a hill in Hsenwi town in Shan state, Myanmar, on Nov. 24,2023 Myanmar’s military federalgovernment validated Monday Dec. 11, 2023 that it hasactually been holding talks, brokered by China, with agents of an alliance of ethnic minority armed groups versus which it is engaged in intense fight in the nation’s northeast. (The Kokang online media bymeansof AP, File)
The Associated Press
BANGKOK — Myanmar’s economy is projection to grow just 1% in the financial year that ends in March, the World Bank states, as conditions degrade with an escalation in battling inbetween the military and its challengers that has freshly displaced more than 500,000 individuals.
Intensified battling near Myanmar’s border with China has obstructed trade paths, triggering lacks of food and other requirements and aggravating inflation that was currently near 30%, the World Bank stated in a report Tuesday.
Myanmar is involved in prevalent disputes that deepened and broadened after the military’s seizure of power from the chosen federalgovernment of Aung San Suu Kyi in early 2021 triggered a wave of popular resistance.
The overall number of individuals displaced by combating hasactually increased to some 2.5 million, the report stated.
Political instability combined with the pandemic and mismanagement by the military management haveactually reversed years of financial development, the report stated. It stated the military administration’s efforts to drawin foreign exchange and support Myanmar’s currency, the kyat, have “generally been