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

GWEN ROBINSON, Nikkei Asia editor-at-large, and RORY WALLACE, Contributing writer

July 26, 2021 11:30 JST

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.