2 days ago
‘Economy to shrink 2.5% after quake'
THE country's beleaguered economy is expected to contract by 2.5% in the 2025/26 fiscal year largely due to the devastating impact of a powerful earthquake in late March, the World Bank said in a report.
The World Bank said yesterday that direct damages to property and infrastructure from the 7.7 magnitude quake were estimated at US$11bil (RM46.6bil), or 14% of the nation's gross domestic product.
'The earthquake caused significant loss of life and displacement, while exacerbating already difficult economic conditions, further testing the resilience of Myanmar's people,' Melinda Good, division director for Thailand and Myanmar, said.
The earthquake could increase the national poverty rate by 2.8 percentage points, pushing more households into poverty, the report stated.
A survey before the quake estimated the poverty rate at 31% in 2024. — Reuters
