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Myanmar poverty could double from coup chaos: UNDP report

Political turmoil and disruptions following the coup in Myanmar could undo years of progress and double the number of its people living in poverty to nearly half the population, a United Nations report said Friday.
The report by the UN Development Program, or UNDP, said 12 million people could fall into dire economic straits as businesses remain shuttered in a standoff between the junta and a mass civil disobedience movement.
“The hardest hit will be poor urban populations and the worst affected will be female heads of household,” Kanni Wignaraja, the UNDP’s assistant secretary-general for the region, told The Associated Press via a Zoom recording.
The Feb. 1 coup wrested power from the elected government of Aung San Suu Kyi, who has been detained along with more than 3,400 other people. Since then, the military has severely restricted internet access and gradually stepped up violent repression of protests.
Many factories, offices, banks and other facilities have closed and trade has been disrupted by work stoppages and other disruptions at ports, economists and others familiar with the situation inside Myanmar say. That has worsened already bleak conditions due to the pandemic.
The UNDP said conditions could deteriorate by early 2022 to a level of poverty last seen in 2005.
The economy grew rapidly after a previous military regime initiated a partial transition to a civilian government, while keeping control of key ministries and industries and seats in parliament.
Foreign investment in garment manufacturing, tourism and other industries helped create millions of jobs, providing a lifeline of support for many families living in rural areas.
But that progress has ground to a halt as the coup added to troubles from the pandemic.
“With the effects of the political crisis, we could see these gains removed in just a few months,” Wignaraja said.
The research agency Fitch Solutions has forecast that the economy will contract 20 percent in the current fiscal year, which ends in September. In a report released last week, economist Jason Yek noted that food insecurity is rising due to hoarding and inflation, while people struggle to access cash to pay for necessities due to the closure and cash limits put on ATMs.
A weakening of the Myanmar kyat to about 1,600 kyat per dollar from about 1,350 kyat before the coup also hinders the country’s ability to import much needed medicines and other supplies.
“We really cannot rule out any worst-case scenario,” Yek said in an online briefing.
So far, foreign governments and businesses have sought to levy pressure on Gen. Min Aung Hlaing and others in the junta through targeted sanctions meant to cut off financial support to the army, or Tatmadaw.
The UNDP report’s findings suggest that ordinary people already are suffering regardless of sanctions.
The magazine Nikkei Asia Review said Thursday that the group Independent Economists for Myanmar issued a report urging the targeting of sources of foreign exchange, such as Myanmar’s exports of natural gas, its biggest revenue earner, and of gems and jade.
Sanctions could freeze deposits linked to the state-owned Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank, it said.
It said targeting the junta’s sources of hard currency with international sanctions could reduce its revenues by roughly $2 billion annually.
It said the military was prioritizing spending on weapons and security operations over providing desperately needed public services.
The US recently ordered sanctions against the company that controls most of Myanmar’s gems, pearls and jade sales, though a huge share of that trade is done illicitly.
So far, foreign energy companies involved in Myanmar’s natural gas industry have resisted calls for them to stop paying revenues to the government, saying such moves might endanger their employees and hurt access to already scarce electricity.
source: The Associated Press
Image source: Reuters
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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