International Desk, Bangladesh Global: Once considered among the most promising economies in Southeast Asia with a growing middle class, Myanmar is now suffering from soaring levels of poverty as a devastating civil war drives tens of millions further into destitution, according to a new United Nations report.
Almost half of Myanmar’s population of 54 million is below the poverty line, with 49.7% of people living on less than 76 US cents a day — a figure that has doubled since 2017, researchers with the UN Development Program (UNDP) found.
Three years after the military seized power in a coup, the economic situation in the country has rapidly deteriorated to a point where the middle class is at risk of being wiped out and families are forced to cut back on food, health and education due to soaring inflation, the report found.
The researchers paint an alarming picture where an additional 25% of people in Myanmar were “hanging by a thread” just above the poverty line in October 2023.
“The situation is likely to have deteriorated further by the time of this report’s release,” the authors said. “Since that time, the intensified conflict has led to more displaced people losing their livelihoods, businesses shutting down.”
Myanmar had made solid progress in reducing poverty, particularly since the start of a democratic transition from military rule in 2011 that prompted economic and political reforms.
Stay tuned for latest news and updates bangladeshglobal.com Log in to get breaking news and hot topics of the day:www.bangladeshglobal.com
