ECONOMYNEXT – Myanmar’s economy could shrink 8.9 percent in 2021, as a military coup has descended on the country though most other Asian nations are expected to recover strongly, the International Monetary Fund has said.
“The humanitarian crisis in Myanmar gravely concerns us all,” Jonathan Ostry, Deputy Director, Asia and Pacific Department of the IMF said.
“In addition to the tragic loss of life, we project that the coup will have a devastating impact on livelihoods, that could last well into the medium term.”
Myanmar’s military coup leaders have started shooting un-armed citizen as protests gathered pace.
China has blocked UN Security Council from taking action against the military junta.
Myanmar was estimated to have grown 3.2 percent in 2020, despite the Coronavirus crisis. After shrinking 8.9 percent Myanmar is expected to grow 1.4 percent in 2021.
The Asia Pacific is expected grow 7.5 percent on average led by India (12.5 percent) and China (8.4 percent) while Brunei is expected to grow 1.2 percent and Thailand 2.6 percent.
On April 14 Myanmar citizens took to the streets to protest instead of celebrating a traditional festival.
The military took over as an elected administration headed by Aung Sang Suu Kyi, was due to win another election.
Once a Nobel Prize winner, she had been playing nationalism and oppressing a Muslim minority to stay in power. (Colombo/Apr14/2021)