World Bank: Myanmar economy to grow 3%, dragged by conflict

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — World Bank economists say Myanmar’s economy grew 3% last year and will likely achieve the same pace in 2023, but still lags far behind where it stood before the army seized power in early 2021. The global lending agency issued a report Monday that estimates Myanmar’s level of economic activity is still more than 10% below where it stood before the pandemic and the military takeover. It says that if the global economy slows further as expected, the country might see exports and investment weaken further. But the report says agriculture and garment manufacturing have recovered somewhat and the military administration has relaxed some foreign exchange controls that have hindered exports and other business.