Myanmar economy still forecast to grow despite global recession: IMF
News Type: Marketing News
Myanmar is among just 10 percent of the globe projected by the International Monetary Fund to post economic growth this year. The rest of the world is expected to slip into recession.
The forecast comes despite the spread of COVID-19 in Myanmar, which has already resulted in the closing of its borders, worsening conflict in Rakhine State, a collapse in tourism and dimmer prospects of mass investment from Europe and America.
Still, growth is forecast to slow considerably. In its April World Economic Outlook, the IMF slashed Myanmar’s 2020 growth forecast to 1.8pc from 6.4pc. This would be Myanmar’s slowest growth rate since the junta handed over power to U Thein Sein’s quasi-civilian government in 2011. The economy has already been hurt by the crisis, with the number of factories having shut down in Myanmar estimated to be around 40 and nearly 17,000 workers laid off or furloughed.
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