Myanmar economy to grow 3 per cent, dragged by conflict

Myanmar’s economy grew 3 per cent last year and will likely achieve the same pace in 2023, but still lags far behind where it stood before the army seized power in early 2021, the World Bank said in a report released Monday. The global development agency estimates Myanmar’s level of economic activity is still more than 10 per cent below where it stood before the pandemic and the military takeover. On a per capita basis it is even further behind, it says. If the global economy slows further as expected, exports and investment may weaken after recovering somewhat from the pandemic and the disruptions caused by civil conflict and foreign sanctions after the army ousted Aung San Suu Kyi’s elected government. The reversion to military control after nearly a decade of quasi-civilian rule provoked mass protests that spun into armed revolt, on top of decades-long conflict between the government and armed ethnic groups. “Economic activity has continued to be disrupted by persistent conflict, which has had devastating impacts on lives and livelihoods, and by electricity shortages,” the report said.