Asia - Pacific

Myanmar’s economy to contract 10% in 2021: World Bank

Forecast comes as country convulsed by nationwide protests following Feb. 1 military coup

Pizaro Gozali Idrus  | 26.03.2021 - Update : 26.03.2021
Myanmar’s economy to contract 10% in 2021: World Bank

JAKARTA, Indonesia

A World Bank forecast on Friday showed that Myanmar's economy is expected to contract by 10% this year, a sharp reversal from the previous prediction of 5.9% growth in October 2020.

"Myanmar has been heavily affected by recent protests, worker strikes, military actions, reduced mobility, and ongoing disruptions in essential public services, including banking, logistics and internet services," said the World Bank on Friday.

The country is convulsed by nationwide protests, strikes, and sanctions following a military coup on Feb 1.

In response to the coup, civilian groups across the country launched a civil disobedience campaign with mass demonstrations and sit-ins.

A civil society organization that works to secure political prisoners' release in Myanmar revealed that Myanmar forces had killed at least 320 people following the military coup.

*Writing by Maria Elisa Hospita from Anadolu Agency's Indonesian language service

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