ASEANews HEADLINES: DEMOCRACY-FREEDOM: SINGAPORE- Myanmar’s post-coup economy is in free fall
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SINGAPORE (CNA) – A month before Myanmar’s November 2020 elections swept by the ruling National League for Democracy (NLD) party, the World Bank predicted that the Myanmar economy would recover strongly in 2021 and grow by 5.9 per cent.
Less than two months after the February 1 coup that annulled the election results, the World Bank projected that growth would plummet by 10 per cent in 2021, by far the worst in Southeast Asia.
With no end in sight for the violence, chaos and economic disaster caused by the military coup, the foreseeable future only promises further downward revisions, derailing Myanmar’s promising economic and political trajectory.
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The junta, led by Commander-in-Chief Min Aung Hlaing and styled the State Administrative Council (SAC), sought to present a business-friendly image.
It appointed to key ministerial portfolios individuals well-known to the private sector and aid community, to signal policy continuity, and undertook to fast-track economic reforms.
This was an insinuation that Aung San Suu Kyi and her NLD government had not been competent enough to do so.
The private sector’s immediate response to the coup was muted, with only the American Chamber of Commerce in Myanmar (AMCHAM Myanmar) expressing its concerns for the rule of law. Fear added to the business sector’s initial silence. The junta quickly detained NLD leaders including Aung San Suu Kyi and President Win Myint, NLD government officials working on economic reforms, and economic advisors such as Australian academic
Sean Turnell.
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READ MORE: https://aseanews.net/2021/04/16/democracy-freedom-singapore-myanmars-post-coup-economy-is-in-free-fall/
The coronavirus COVID-19 is affecting 218 countries and territories around the world and 2 international conveyances.
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COVID-19 infection crosses 139.62 million globally as deaths cross 2.99 million.
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Here is the GLOBAL status as of Friday, 7am, April 16, 2021
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Myanmar
Myanmar reported +5 new cases, taking total to 142,610, +0 new deaths, total is at 3,206 deaths
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4.11.2021
