Myanmar's Economic Woes Deepen Amid Earthquake Devastation

The World Bank has revised its economic prospects for Myanmar, projecting a 2.5% contraction in the 2025/26 fiscal year following a catastrophic earthquake. The 7.7 magnitude quake in March resulted in an estimated $11 billion in damages to property and infrastructure, painting a grim picture for the country's recovery.

The seismic event has affected over 17 million individuals, with 9 million severely impacted according to reports. The toll of casualties stands at over 3,700, highlighting the significant human cost. Melinda Good, Division Director for Thailand and Myanmar at the World Bank, emphasized the urgent need for recovery efforts to aid vulnerable populations.

Economic strains are further compounded by ongoing political instability following the 2021 military coup. Opposition groups allege that the junta has violated ceasefire agreements, complicating relief efforts. The impacts on key regions such as Mandalay and Naypyidaw are severe, with potential losses up to one-third of production before any partial recovery, according to the World Bank.

(With inputs from agencies.)