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Myanmar Crisis

Myanmar economy to grow 3%, but far less than 2020: World Bank

Inflation, supply shortages show military's failure to regain business confidence

People shop at a market in Yangon on Jan. 24. Myanmar's economy is expected to grow this year, but not enough to recover to levels before February 2021 when the military took power.

TAIPEI/YANGON -- Myanmar's crisis-ridden economy is expected to grow 3% in the fiscal year ending September, leaving it well below levels reached before the military takeover two years ago, the World Bank said in a report released on Monday.

The bank said there has been substantial volatility for the economy in recent months, while risks and uncertainty continue to weigh on the outlook. Notably, exchange rate depreciation, combined with logistics constraints, has resulted in higher prices, pushing up the inflation rate to nearly 20% over the year to July. It also said that in addition to surging construction costs, significant electricity shortages and the regime's regulations have hurt economic activities.

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