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Double crises of coup and Covid could push half of Myanmar's population into poverty, UN warns

April 30, 2021. Summarized by summa-bot.

Compression ratio: 20.1%. 1 min read.

Almost half of Myanmar's population could be forced into poverty by the end of the year as the country teeters on the brink of economic collapse caused by the double shock of a bloody military coup and the Covid-19 pandemic, according to a new United Nations report.

(CNN)Almost half of Myanmar's population could be forced into poverty by the end of the year as the country teeters on the brink of economic collapse caused by the double shock of a bloody military coup and the Covid-19 pandemic, according to a new United Nations report.

Rising food costs, significant losses of income and wages, the crumbling of basic services such as banking and health care, and an inadequate social safety net is likely to push millions of already vulnerable people below the poverty line of $1. 10 a day -- with women and children among the hardest hit.

Analysis from the UN Development Program (UNDP), published Thursday, warned that if the security and economic situation does not stabilize soon, up to 25 million people -- 48% of Myanmar's population -- could be living in poverty by 2022.

The compounding economic crises of the pandemic and military takeover risk completely wiping out the progress Myanmar has made in reducing poverty, the report said -- and the number of people in poverty in the country is likely to double by next year.

And women disproportionally bear the burden of household chores associated with Covid-19, such as caring for the sick or home-schooling children, which forces many to drop out of the labor market, the report said.

"Overall, Myanmar is on the brink of economic collapse and risks becoming Asia's next failed state," the UNDP report said.

by summa-bot

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