Burma's economy collapses due to military coup

The military coup has left the Burmese people in a state of economic collapse and extreme poverty. Burma's Permanent Representative to the United Nations, Kyaw Moe Tun, recently informed the international community that he faces a number of challenges, including food insecurity and displacement.

He called on the international community to support the Burmese people in their efforts to end the dictatorship and restore democracy.

Dr Sasa, the Union Minister for National Unity and International Cooperation, told RFA that the report presented at the conference could lead to international sanctions against the military council and the provision of humanitarian assistance to the people.

"What good is a web site if it simply" blends in "with everything else out there? Western countries Democracies will understand this. I will hear this. In terms of humanitarian assistance for Myanmar; For the emergence of federal democracy in Myanmar; We set budgets. We are not the only UN platform. EU Platform International Platform Government The Hluttaw speaks to the Hluttaw. "This has led to a lot of sanctions against the generals."

More than half of Burma's 25 million people have been living in poverty since the military coup, Kyaw Moe Tun told the United Nations, citing data from the World Bank. According to Dr. Sasa, 14 million of these people will not be able to eat without assistance.

Dr Sassar told RFA that there were about 12 lakh homeless people inside and outside the country, citing data collected by the United Nations and the NUG.

In terms of per capita income, neighboring countries such as Cambodia, Laos Burma ranks second only to Bangladesh, earning less than a dollar a day.

Dr Soe Tun, a businessman, said that although per capita incomes were declining, general expenses were high and unemployment was rising.

"The situation in Burma has become Kovis," he said. On the other hand, there is political change. I have rice. The problem is not enough electricity now. When it comes to money, the problem is the devaluation of the Myanmar currency. I see it as a struggle in the economy. Electricity has increased production costs. And the second one is gas. As the price of diesel goes up and transportation costs go up, there is a problem with high commodity prices. On the other hand, the income is low. They became unemployed. On the other hand, commodity prices have risen.

 " I see the economy struggling. Electricity is raising production costs."

Under the Kovis coup, Burma's economy is in dire straits and poverty could double, according to a report released by the World Bank in early 2022. The World Bank says without the epidemic and the military coup, Myanmar's economy could grow by 30 percent.

In this situation, political analyst Than Soe Naing notes that it is impossible for the military council to recover Burma's economy and that it will only get worse.

"I heard that the military council's plan to revive Burma's economy was broadcast on Voice of Burma," he said. Real life is the opposite. What good is a web site if it simply "blends in" with everything else out there? Banks in Burma can do nothing because of sanctions. ATMs are now closed. You can not even withdraw your own money. Financial instability is getting worse. The issue of counterfeiting tens of thousands is very common. "The whole financial system is on the verge of collapse."

At the end of February, the junta's Deputy Information Minister, General Zaw Min Tun, told RFA that some foreign-invested companies were leaving Burma, but other companies would join.

"Some big oil companies have been forced to leave Burma," he said. Some left because of him. There are already companies out there that want to stay but leave. These companies started under the military government. At present, the State Administrative Council has declared a state of emergency and is governed by the 2008 constitution. It is not ruled by military rule. We do not comment on their comments. "

More than a year after the coup, the previous 40,000 kyat per bag of rice has risen to 70,000 kyat. A bottle of oil that used to cost 9,000 kyats is now 20,000 kyats.

The average price of all basic food items has more than doubled. Gasoline prices are now below 2,000 kyats, down from an average of 800 kyats per gallon.

An unnamed taxi driver in Thaketa Township said he was in debt because of rising gas prices.

“In the past, our daily income was about 40,000. If you add 10,000 kyats of oil, you will have 30,000 left. If you have to pay 10,000 to the car owner, you will have 20,000 left. If the car breaks down, we will have 15,000 kyat left over for repair. The price of a house is five thousand. If we deduct 5,000 kyats from rent, we can save about 5,000. Nowadays, even if we drive all day, it costs 20,000 kyat. I have to drive a lot to get 25,000. The car owner only pays 8,000 kyat in compensation for this period. I only have 3,000 more. Our problems are insurmountable. If you do not drive this car, you will not get three, four or five thousand. "I'm still in debt and I'm stuck in debt."

By 2022, both houses of the US Congress will provide $ 136 million in assistance to the people of Burma. Political analysts say this is insignificant for the millions of people living in poverty, and that much more aid is needed, and that aid can be delivered to the people without military restrictions.

The main point is that the people need to end the dictatorship and return to the path of democracy in order to recover from the economic crisis and poverty in Burma.