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Myanmar Crisis

World Bank forecasts 18% annual decline for Myanmar's economy

New report details factors hitting economy and public health

A group of women hold torches as they protest against the military coup in Yangon on July 14.   © Reuters

BANGKOK/YANGON -- Myanmar's economy is expected to contract by 18% this year amid deepening political turmoil following the Feb. 1 military takeover and the rapid rise of a third wave of COVID-19, according to new research by the World Bank.

The estimate, contained in the bank's Myanmar Economic Monitor report issued on Monday, is nearly double the 10% annual decline projected in March and suggests the economy could suffer further hits in coming months.

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