Myanmar’s economy set to contract as floods and fighting take heavy toll, the World Bank says – Local News 8

AP Business Writer

BANGKOK (AP) — The World Bank forecasts that Myanmar’s economy will contract this year, as flooding and fighting take a severe toll nearly four years after the military ousted its government headed by Aung San Suu Kyi. In an update issued Wednesday, the bank said about a fifth of all built structures and a tenth of Myanmar’s roads had been damaged by widespread flooding during a typhoon that swept through the country in September. It said fighting between the military and opposition forces remains fierce in some parts of the country, disrupting farming and manufacturing. Overall, it said the economy will likely contract 1% in annual terms in the April-March fiscal year.