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Myanmar Crisis

Myanmar's 'critically weak economy' to grow 1% in 2022: World Bank

Bleak outlook comes after 18% contraction last year and as conflict rages

Soldiers and protesters outside Myanmar's Central Bank in Yangon on February 15, 2021. Myanmar's economy is expected to remain fragile.   © Reuters

BANGKOK -- Myanmar's economy could grow 1% in the year to Sept. 30 after plunging by 18% during the previous 12 months, although conditions remain bleak amid escalating conflict and lingering threats of a COVID-19 resurgence, according to the World Bank.

The projection, contained in the World Bank's Myanmar Economic Monitor report issued on Wednesday, comes nearly a year after the Feb. 1 military takeover, which has resulted in a marked rise in poverty and joblessness alongside severe disruptions in the financial sector and key services such as electricity, logistics and digital connectivity.

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