Poverty in Myanmar is more widespread than at any time in the past six years and growth in the conflict-torn country is likely to remain at a paltry 1% this current fiscal year, with little reprieve in sight, the World Bank said on Wednesday.
Escalating violence, labor shortages and a devaluing currency have made it harder to do business, the bank said in a report on the Southeast Asian country that has been in political and economic turmoil since a 2021 military coup ended a decade of cautious democratic and economic reforms. .
In December, the World Bank forecast that Myanmar’s economy would grow by around 2% this fiscal year, following an estimated GDP growth of 1% in the year ending March 2024.
