Poverty in Myanmar is more widespread than at any time in the last six years and growth in the conflict-torn nation is likely to remain at a measly 1% in the current fiscal year with little respite in sight, the World Bank said on Wednesday.
Escalating violence, labour shortages and a depreciating currency have made it harder to do business, the bank said in a report on the Southeast Asian nation that has been in political and economic turmoil since a 2021 military coup ended a decade of tentative democratic and economic reform.
In December, the World Bank had projected Myanmar's economy would grow by around 2% during the current fiscal year, after estimated GDP growth of 1% in the year that ended in March 2024.