The economic crisis in Myanmar continues to worsen as the military regime cracks down on business owners who attempt to help their employees amid soaring inflation and a currency collapse. Recently, the owner of three cellphone shops in Mandalay was arrested for giving his workers a raise, sparking outrage among workers and highlighting the regime’s oppressive tactics.
The military junta, which seized power in a coup in 2021, has faced widespread resistance and armed rebellions that have further destabilized the country. The ongoing conflict has disrupted trade, destroyed crops, and left many regions without essential services like electricity for more than four hours a day.
Economist Sean Turnell, a former advisor to ousted leader Daw Aung San Suu Kyi, described Myanmar’s current economic state as near collapse, with poverty levels rising to nearly a decade-high and a third of the population living below the poverty line. The country’s currency, the kyat, has plummeted in value, leading to wealth destruction on a massive scale.
The regime’s desperate scramble for funds to finance its war efforts has led to the printing of trillions of kyats, further devaluing the currency and driving up inflation. The junta has imposed price freezes on essential food items and restricted currency exchanges in an attempt to stabilize the economy, but this has only led to further hardships for the population.
As the situation worsens, the regime continues to arrest individuals for violating price and currency restrictions, further exacerbating the economic turmoil. In the face of these challenges, many ordinary citizens in Myanmar are struggling to afford basic necessities like rice, highlighting the dire state of the country’s economy under military rule.
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