Vise tightening on Myanmar's economy 3 years after military takeover triggered civil strife
Myanmar was a rising star in Southeast Asia before its military seized power three years ago in a takeover that has brought civil strife and a tightening vise of international sanctions, undoing years of progress and leaving the economy 10% smaller than it was in 2019
BANGKOK, Thailand (AP) — Myanmar was a rising star in Southeast Asia before its military seized power three years ago in a takeover that has brought civil strife and a tightening vise of international sanctions, undoing years of progress and leaving the economy 10% smaller than it was in 2019.
Economists say the generals who toppled Aung San Suu Kyi’s elected government on Feb. 1, 2021, increasingly rely on illicit revenues from gem mining and logging to fund their battles against a broad popular resistance movement.
Weak law enforcement, corruption and poverty resulting from a dearth of economic opportunity, meanwhile, are fueling a surge in drug production and trafficking, online scam rings and other criminal activities.
Export manufacturing and other mainstream business activities in Myanmar have suffered since the military takeover, wiping out jobs that millions relied on to get by. The economy is forecast to grow at a meager 1% pace this year and about half the population is estimated to be living in poverty. More than 2.6 million people have been displaced by civil war.
