Six Charts on Myanmar's Economy in the Time of COVID-19
Temples in the archaeological zone of Bagan, Myanmar. COVID-19 has affected some of Myanmar’s key economic growth engines, including tourism. (photo: Sean Pavone/ iStock)
By Jayendu De and Sanaa Nadeem, IMF Asia and Pacific Department
July 7, 2020
A frontier economy, Myanmar experienced rapid growth as it opened up in the 2000s, with GDP growth rates among the highest in Asia. However, growth had already been slowing when the coronavirus shock hit in early 2020.
Although officially recorded cases of COVID-19 in Myanmar remain low, the social and economic effects could be significant, given the externally oriented economy, uneven social safety nets, and the fragile healthcare system.
IMF emergency financing of $356.5 million, along with external financing, the Debt Service Suspension Initiative, and continued capacity development, are alleviating the impact of COVID-19, while establishing the roots for more sustained and inclusive growth. The government’s COVID-19 Economic Relief Plan aims at minimizing the pandemic’s impact by stimulating the economy and boosting spending on health and social safety nets.
Six charts tell the story of Myanmar’s economy during the early months of the COVID-19 crisis:
