According to the World Bank’s latest survey, 75% of services, retail, wholesale, manufacturing and agricultural businesses in Myanmar have suffered.
The World Bank’s data was collected from 500 firms in May, July and August in the services, retail, wholesale, manufacturing and agricultural sectors.
The study shows that 87% of firms in the service sector were affected negatively by COVID-19 in May, 90% in July and 86% in August. Of retail and wholesale firms, 80% were affected negatively in May, 84% in July and 79% in August. Of manufacturing firms, 86% were affected negatively in May, 80% in July and 76% in August. Of agricultural firms, 70% were affected negatively in May, 68% in July and 64% in August.
Firms’ cash-flow shortages reduced to 30% in August from 50% in July.
“The overall negative impact of COVID-19 remains significant but most areas show improvement,” said The World Bank.
In April, the government launched its COVID-19 Economic Relief Plan, implementing monetary reforms, increasing health-care spending and other measures.
In September, the drafting of the Myanmar Economic Recovery and Reform Program began to maintain economic reforms introduced by the National League for Democracy.
It promised almost 2 trillion kyats (US$1.6 billion) to address the social, health and economic impacts of COVID-19, including 200 billion kyats ($160 million) for the manufacturing, hospitality, tourism and services sectors, 600 billion kyats ($478 million) for farmers, 100 billion kyats ($80 million) for the microfinance sector, 200 billion kyats for small- and medium-sized enterprises and 100 billion kyats for small tea shops and street stalls.
Source: The Irrawaddy