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Myanmar crisis sounds death knell for garment industry, jobs and hope
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Myanmar crisis sounds death knell for garment industry, jobs and hope
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Myanmar economy in tatters after coup amid civil war risks 2 minutes read
By Ramon Abarca
Bangkok, Apr 6 (efe-epa).- Myanmar is on the verge of an economic collapse as the gross domestic product is estimated to contract by 20 percent amid unrest following a military coup that has sparked civil war risks.
A civil disobedience movement paralyzing the banking system and administration has fueled economic risks after the military seized power and ousted an elected government on Feb.1.
Two months since the coup, the country is in chaos with daily protests, worker strikes, and brutal military repression against anti-coup demonstrators that has left more than 570 civilians killed and generated a wave of international sanctions.
Fashion giant H&M suspends orders in Myanmar in response to post-coup violence
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Global clothing retailer H&M has reportedly ceased orders in Myanmar as the country continues to face political unrest.
Reuters confirmed the business move with Serkan Tanka, who is Country Manager Myanmar at H&M. Although we refrain from taking any immediate action regarding our long-term presence in the country, we have at this point paused placing new orders with our suppliers, Tanka wrote to the news outlet via email. This is due to practical difficulties and an unpredictable situation limiting our ability to operate in the country, including challenges related to manufacturing and infrastructure, raw material imports and transport of finished goods.