In the three years since the coup, 42 million Burmese people are facing poverty In the three years since the coup, 42 million Burmese people are facing poverty

In the three years since the coup, 42 million Burmese people are facing poverty

In the three years since the coup, 42 million Burmese people are facing poverty

The United Nations Development Program (UNDP) announced that the middle class population in Myanmar is rapidly disappearing, and that the middle class has halved in three years.

Out of a total of 55.8 million people, 42 million, or 75 percent, are facing poverty, according to a report released by UNDP on June 24. More than 13 million people are also facing food insecurity.

It is the lower class who have suffered the most from the country's economic decline, and the lower class has become very poor

The economic crisis and the skyrocketing commodity prices have led to an increase in the poverty rate.

A housewife in Bagu said that the people are suffering badly from the current high prices and shortage of goods.

"Commodity prices have gone up. In 2021, a loaf of bread is only three hundred and four hundred. Now it's fifteen hundred, A cucumber used to cost one hundred tons, now it costs five hundred. If it's a duck egg, it's already between five and six hundred. As for oil, we can't even buy it in Bago where we live. We're running out of fuel, there's a shortage, and everything's in chaos."

Politics Along with the economic crisis, the problem of unemployment is one of the factors that caused the poverty rate to rise in Myanmar.

A housewife in Yangon said that due to the economic crisis and the military service law of the military council, young people are trying to work abroad.

"Nephews, My nieces have to go to work in Malaysia, Thailand, and Singapore. They are very perfect people. But the situation became difficult. No parent wants to join, no child wants to join, So they look for jobs abroad with their knowledge, There are no employment opportunities here. Wages and income are no longer balanced. Previously, ten thousand dollars could feed a family for three days. Now, ten thousand dollars can only eat for one day. There is no way we can live here anymore."

This is due to the military council's economic management mistakes and the economic decline, as well as incorrect solutions. Economic analysts say.

Dr. Sai Kyi Zin Soe, a political analyst, said that the financial management of the military council in particular had a big impact on Myanmar's economy.

"Economic decline is also known through inflation." On the other hand, it is seen that the income has decreased more than before the previous coup. Usually job opportunities disappear, business opportunities disappear; Sales and purchases have fallen. Management mistakes. Financial management issues, The issues of loss of confidence in banks, especially the issues where the central bank controls the Myanmar currency exchange rate. We've seen that they've had a lot of impact."

The UNDP pointed out that the size of the middle class is shrinking as the country's conflict and economic problems worsen. U Than Soe Naing, a political analyst, said that the current situation in Myanmar may be higher than UNDP's estimate.

"Now the middle class have nothing to show for their business, No matter what field you look at, there is no longer a situation where you can exercise authority. Imported goods that are necessary for businesses are extremely expensive. Electricity is only available for an average of four hours a day. Foreign companies that invested left, All industries with income, all fields have no jobs anymore, we are facing such situations. The UNDP figure is only average and I expect the assertion situation to be worse than that.”
Economist U Sein Htay also said that due to the current economic crisis in Myanmar, the lower classes are affected and the situation could be worse than the UNDP statement.

"In the past, before the seizure of power, a quarter of Myanmar's population lived in poverty. More than two years after the coup, it was half back. After six months from that situation, what is the state of the country? Because food products are scarce and in short supply, 75 percent will be less or less. According to the World Bank's statement in December, the price of rice, where the price of goods is more than 20 percent, The price of oil has more than doubled and tripled, so it is the lower class who are most affected by the economic downturn in the country. The lower class has become very poor.”

Since the military coup in 2021, violence has intensified in Myanmar. The World Bank also said that doing business has become more difficult due to labor shortages and currency depreciation.
In addition, at the beginning of 2024, 32 percent of Myanmar's population will be in poverty, and the remaining one-third may fall into poverty, according to a report released by the World Bank on June 12.

2 Comments

Previous Post Next Post

Worldwide News Search HereπŸ‘‡