The UN has warned that half of Myanmar's population could be living in poverty next year, driven by the combination of the Covid-19 pandemic and the country's post-coup crisis
The UNDP said conditions could deteriorate by early 2022 to a level of poverty last seen in 2005. The economy grew rapidly after a previous military regime initiated a partial transition to a civilian government, while keeping control of key ministries and industries and seats in parliament.
Foreign investment in garment manufacturing, tourism and other industries helped create millions of jobs, providing a lifeline of support for many families living in rural areas.“With the effects of the political crisis, we could see these gains removed in just a few months," Wignaraja said.that the economy will contract 20 percent in the current fiscal year, which ends in September. In a report released last week, economist Jason Yek noted that food insecurity is rising due to hoarding and inflation, while people struggle to access cash to pay for necessities due to the closure and cash limits put on ATMs. A weakening of the Myanmar kyat to about 1,600 kyat per dollar from about 1,350 kyat before the coup also hinders the country's ability to import much needed medicines and other supplies.Protesters march with a banner during a demonstration against the military coup in Yangon on April 30, 2021. So far, foreign governments and businesses have sought to levy pressure on Gen. Min Aung Hlaing and others in the junta through targeted sanctions meant to cut off financial support to the army, or Tatmadaw. The UNDP report's findings suggest that ordinary people already are suffering regardless of sanctions.said Thursday that the group Independent Economists for Myanmar issued a report urging the targeting of sources of foreign exchange, such as Myanmar's exports of natural gas, its biggest revenue earner, and of gems and jade. Sanctions could freeze deposits linked to the state-owned Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank, it said. It said targeting the junta's sources of hard currency with international sanctions could reduce its revenues by roughly $2 billion annually. It said the military was prioritising spending on weapons and security operations over providing desperately needed public services. The US recently ordered sanctions against the company that controls most of Myanmar's gems, pearls and jade sales, though a huge share of that trade is done illicitly. So far, foreign energy companies involved in Myanmar's natural gas industry have resisted calls for them to stop paying revenues to the government, saying such moves might endanger their employees and hurt access to already scarce electricity.The European Union is ready to offer its support to all parties to help restore democracy in Myanmar, the bloc's high representative told ASEAN states on Friday. Southeast Asian leaders said after an emergency ASEAN summit last week that they had reached consensus with Myanmar's junta on ending violence there. "The European Union stands ready to support ASEAN... in facilitating a constructive dialogue with all key stakeholders with a view to bringing Myanmar/Burma back to its democratic path," the high representative said in a statement published on Friday.
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