Myanmar’s recovery waylaid by second wave, but rebound expected later: World Bank

The second wave of the COVID-19 pandemic will delay the recovery of the Myanmar economy, leading to the growth of just 1.7 percent in fiscal 2019-20, according to the World Bank’s Myanmar Economic Monitor 2020 released December 16. This is down from growth of 6.8pc in fiscal 2018-19, mainly due to a contraction in manufacturing […]

Myanmar’s Economy to Start Recovering Early Next Year: World Bank

YANGON—In its latest Economic Monitor report, the World Bank (WB) forecasts that Myanmar’s economy will start a slow recovery in March next year, but warns the country’s poverty rate could increase due to ongoing restrictions to curb the spread of the pandemic in the country. The bank on Wednesday suggested the government focus on relief […]

Myanmar’s Economy Hit Hard by Second Wave of COVID-19

YANGON, December 16, 2020 – Myanmar’s economy continues to suffer from the COVID-19 pandemic, with growth estimated to have slowed sharply to 1.7 percent in FY19/20, down from 6.8 percent the previous year. The pandemic and associated containment measures have weakened consumption and investment, and disrupted businesses’ operations and the supply of labor and inputs, […]

A data-led agritech revolution is transforming the lives of Myanmar’s farmers

Aung Myint Myat is an 18-year-old farmer from Ingapu, a town in the Ayeyarwady region of Myanmar. He and his family have been growing paddy and pulses since he was born, using traditional farming methods. Eager to boost their yield, Myint Myat has been optimizing the production process by implementing methods gleaned from online training […]

World Bank Reports on How COVID-19 Hammered Myanmar’s Businesses

YANGON — The World Bank’s latest survey on Myanmar says 75 percent of services, retail, wholesale, manufacturing and agricultural firms have suffered due to COVID-19, despite some signs of recovery. The World Bank’s data was collected from 500 firms in May, July and August in the services, retail, wholesale, manufacturing and agricultural sectors. It said […]

Invitation for Bids : Installation of Distribution Lines and Transformers for Chin ; Closing date : 18th November 2020

Invitation for Bids The Republic of the Union of Myanmar National Electrification Project Credit No 5727-MM Date: 5th October 2020 Contract Title: Installation of Distribution Lines and Transformers for Chin Reference No: MOEE-NEP-P2/C1-W11/2020 1. The Republic of the Union of Myanmar has received financing from the World Bank toward the cost of the National Electrification […]

Cold storage factories to be built with $4m World Bank loan

US$4 million will be loaned from the World Bank to build cold storage factories for livestock products in Yangon, Bago and Ayeyawady Regions, said Dr Ye Tun Win, director general of the Livestock and Veterinary Department. He disclosed the information during a video conference between State Counsellor Aung San Suu Kyi and departmental officials over […]

World Bank’s Myanmar Economic Monitor June 2020

Executive Summary   The Covid-19 pandemic has interrupted Myanmar’s economic expansion, and while Myanmar is expected to narrowly escape a recession, helped by a strong start to the fiscal year, policy responses, and the limited disease outbreak, the growth recovery is at great risk. Myanmar’s GDP growth is estimated to drop from 6.8 percent in […]

Myanmar projected to grow at 0.5pc, poverty rates to rise: World Bank

The global consequences of the COVID-19 pandemic is dealing a severe blow to Myanmar’s economy, the World Bank said on June 25. As a result, the country’s economy is forecast to expand by just 0.5pc in the current fiscal year, compared to 6.8pc in fiscal 2018-19. If the pandemic draws on for much longer, the […]

World Bank: Myanmar Economy to See Growth Drop by 6.3% This Fiscal Year Due to COVID-19

YANGON—The latest report from the World Bank says Myanmar’s economic growth could drop from 6.8 percent to 0.5 percent this fiscal year, as the country has been severely hit by impacts from COVID-19. The 2019-2020 fiscal year began on Oct.1, 2019 and ends on Sept. 30. “The global COVID-19 pandemic is dealing a severe blow […]