Myanmar’s Economy in Freefall Under Military Regime
Myanmar’s Economy in Freefall Under Military Regime
Feature: The military regime s security forces guarding City Hall in downtown Yangon Feb.6 / The Irrawaddy
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By The Irrawaddy 22 April 2021
Before last year’s November election, the World Bank and the Asian Development Bank predicted that Myanmar would bounce back strongly from the economic impact of the global COVID-19 pandemic, with the economy set to grow at around 6 percent in 2021.
In the immediate aftermath of the military’s Feb. 1 coup, junta leaders sought to keep the economy on track by presenting themselves as business-friendly and saying that economic policies would remain unchanged during the state of emergency. The junta even appointed some individuals to Myanmar’s key economic ministries who were already well-connected and well-known to the international community.
Myanmar’s military, the Tatmadaw, seized power in a 1 February coup headed by Senior General Min Aung Hlaing. Since then, the regime has killed 738 people, according to figures kept by the Assistance Association for Political Prisoners.
Unrest in Shan state is on the rise, with at least 10 police officers reportedly killed last week in an attack by ethnic armies opposed to the military regime. Human rights activists say they are gravely concerned for the safety of about 6,000 people camped near the Thai border after fleeing violence, if an assault by the military on its opponents goes ahead.
“There’s no fighting yet but the tension is growing high,” Shan Human Rights Foundation spokesperson Sai Hor Hseng told Guardian Australia.
Gas Majors Halt Myanmar Projects While Total Stays Put
(Nikkei Asia) Energy multinationals have decided to halt natural gas development projects in Myanmar amid concerns that the junta is deriving foreign currency from the ventures. But France’s Total is poised to remain, arguing that the public stands to lose from electricity shortages.
Malaysian oil major Petronas announced early this month that it would indefinitely suspend production at the Yetagun gas field off the southern coast of Myanmar. It declared force majeure over “a drastic decline in production level” since January, with output “well below the technical turndown rate,” an executive said in a news release.
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