02-May-2024
Economy News
 
Myanmar economy likely to contract up to 20% as crisis looms: Analysts
13-Apr-2021

With a tea shop right next to key protest zones in Myan­mar’s biggest city, Soe is never quite sure whether he should keep the business open. If protesters enter to evade authorities, the 43-year-old risks getting shot, arrested or having his property destroyed as the military and police hunt them down. “Now we can’t open our shop on a daily basis but we have to pay regular rental fees, municipal fees, labour wages,” said Soe. Small businesses are on the front lines of an economy now seemingly in free fall after a group of generals seized power. Shipping lines have suspended operations as truck drivers strike, leaving cargo containers trapped at the ports. Restrictions on cash withdrawals have businesses struggling to pay employees.

News Source:- https://www.business-standard.com/article/international/myanmar-economy-likely-to-contract-up-to-20-as-crisis-looms-analysts-121041300053_1.html