Myanmar’s economy is expected to shrink by 1% in the current fiscal year ending in March 2025, according to the World Bank Myanmar Economic Monitor report.
Myanmar’s economy faced the challenges of multiple crises and the conditions in the country, rising inflation, import restrictions and severe floods heavily compounded on business and families , according to the world bank report.The agriculture, manufacturing, and services sectors are projected to contract continuously, because of raw material shortages , inadequate electricity supply, and weakness in domestic demand.
“ The recent natural disasters and ongoing conditions have made price rises and labour shotages and severely impacted Myanmar’s economy,” Said Melinda Good, World Bank Country Director for Thailand and Myanmar.
The report predicted that instability of macro economy may continue in the second half of current financial year. The economy will likely to decline more than World Bank forecast said U Myo Myintm an entrapreneure.The report said that recent Typhoon Yagi and heavy monsoon rains have caused severe flooding across Myanmar, affecting more than half of agriculture industry.
The report also mentioned that there is labour shortage in Myanmar because of labour migration overseas. World Bank annually monitors and analyses Myanmar’s economy and publishes findings once in six month basis.
