(Yangon, 13th) The World Bank forecasts that the earthquake on March 28 will lead to Myanmar's economy contracting by 2.5% in the fiscal year 2025-2026.
On Thursday (June 12), the World Bank released a report stating that the 7.7 magnitude earthquake caused direct losses estimated at $11 billion USD (approximately $14.1 billion SGD), equivalent to 14% of Myanmar's GDP.
Myanmar’s economic output is also expected to decrease by about $2 billion compared to pre-earthquake levels. The output in the hardest-hit areas, Mandalay and Naypyidaw, is estimated to have reduced by one-third from April to September but is expected to receive a boost in the latter half of the year as reconstruction efforts commence.
“Factory closures, supply chain restrictions, labor shortages, and damaged infrastructure have impacted production activities across all industries,” says the World Bank.
World Bank director for Thailand and Myanmar, Good, stated in a statement: “The earthquake caused significant casualties, displaced many people, and has further strained an already difficult economic situation, posing an additional test to the resilience of the Myanmar people.”
The Myanmar earthquake resulted in nearly 3,800 deaths and destroyed numerous homes and shops, exacerbating an economy already ravaged by four years of civil war.
On Thursday (June 12), the World Bank released a report stating that the 7.7 magnitude earthquake caused direct losses estimated at $11 billion USD (approximately $14.1 billion SGD), equivalent to 14% of Myanmar's GDP.
Myanmar’s economic output is also expected to decrease by about $2 billion compared to pre-earthquake levels. The output in the hardest-hit areas, Mandalay and Naypyidaw, is estimated to have reduced by one-third from April to September but is expected to receive a boost in the latter half of the year as reconstruction efforts commence.
“Factory closures, supply chain restrictions, labor shortages, and damaged infrastructure have impacted production activities across all industries,” says the World Bank.
World Bank director for Thailand and Myanmar, Good, stated in a statement: “The earthquake caused significant casualties, displaced many people, and has further strained an already difficult economic situation, posing an additional test to the resilience of the Myanmar people.”
The Myanmar earthquake resulted in nearly 3,800 deaths and destroyed numerous homes and shops, exacerbating an economy already ravaged by four years of civil war.