World Bank "Myanmar downgrades to GDP -1% this year in wake of civil war"

The World Bank has predicted that Myanmar's economy, which has been in a civil war since the military coup, will backtrack this year.

In a report published today (11th) by the World Bank, Reuters raised its forecast for Myanmar's gross domestic product, GDP growth for fiscal year 2024 to -1% from the previous 1%.

The World Bank analyzed that Myanmar's economy has been in trouble due to rising inflation, currency depreciation and a shortage of electricity and labor in the chaos that followed the coup in 2021.

He also explained that the flood caused by the influence of Super Typhoon Yagi in September made the situation worse.

Myanmar's junta had earlier said GDP growth for fiscal 2023 was 3.4%, with a 3.8% growth forecast for this year.