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MYANMAR – The World Bank reported that Myanmar continues to remain the only country in East Asia unable to recover its economic growth post-COVID-19 pandemic, in its semi-annual report released on December 12.
Myanmar’s economy dropped by 10% compared to the stats before 2019, the same as reported in the June 2023 report, and is not expected to recover in 2024 either due to worsening conflicts.
Conflicts, rising logistics costs, trade and volatile foreign currency exchange rules, and power shortages are adding to business costs, lowering the country’s attractiveness in the global market.In the report titled “Challenges amid Conflicts,” the World Bank stated that commodity prices rose by 29% during the 12 months ending in June 2023 and are expected to rise further owing to the weakening Kyat and rising conflicts.
Currently, transport and daily operations in Myanmar have been hampered by fuel shortages and increased costs while the agriculture sector is also facing losses as the battles and fuel shortages create difficulties for harvesting.