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Myanmar’s economy could shrink 10% due to military coup unrest: World Bank

Click to play video: 'Myanmar’s junta frees hundreds arrested during crackdowns' Myanmar’s junta frees hundreds arrested during crackdowns
WATCH: Myanmar's junta frees hundreds arrested during crackdowns – Mar 24, 2021

Myanmar anti-coup protesters staged more rallies on Friday after the military reportedly shot dead nine people a day earlier and as the World Bank warned the country’s economy could slump 10% this year due to the turmoil.

In a bid to increase pressure on the junta over the Feb. 1 coup, the United States and Britain imposed sanctions on conglomerates controlled by the military, with Washington calling it a response to the military’s “brutal repression.”

Candle-lit protests took place across the country overnight including in the Mandalay and Sagaing regions, as well as in Karen and Chin states, media reports said

Read more: Myanmar military junta frees hundreds of anti-coup protesters amid silent strike

In Myanmar’s second city of Mandalay, protesters marched on Friday morning in front of a “civil disobedience movement” banner, Mizzima news reported.

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Myanmar has been rocked by almost daily protests since the army overthrew Aung San Suu Kyi’s elected government and installed the junta. Suu Kyi, who won the Nobel Peace Prize in 1991 for her campaign to bring democratic civilian rule to Myanmar, and other members of her National League for Democracy (NLD) are being held in detention.

At least 320 people have been killed in the subsequent crackdown, according to figures compiled by the Assistance Association for Political Prisoners (AAPP) activist group.

The World Bank on Friday slashed its forecast for Myanmar’s economy to a 10% contraction in 2021 from the growth expected previously.

Myanmar “has been heavily affected by protests, worker strikes, and military actions; reductions in mobility; and the ongoing disruption of critical public services in addition to banking, logistics, and internet services,” it said.

Click to play video: 'Video shows Myanmar police officer forcing protester to crawl in street' Video shows Myanmar police officer forcing protester to crawl in street
Video shows Myanmar police officer forcing protester to crawl in street – Mar 19, 2021

U.S., British sanctions

In Washington, the U.S. Treasury Department announced new sanctions targeting Myanma Economic Holdings Public Company Limited and Myanmar Economic Corporation Limited.

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Both are part of a military-controlled network which spans sectors from mining to tourism and has enriched the generals. Representatives for the two entities had no immediate comment.

“These actions will specifically target those who led the coup, the economic interests of the military, and the funding streams supporting the Burmese military’s brutal repression,” U.S. Secretary of State Antony Blinken said in a statement.

Read more: Myanmar doctors protest against military coup as police crackdowns claim more lives

In a move coordinated with the United States, former colonial power Britain said it would also target Myanma Economic Holdings Ltd, citing human rights violations against civilians and its association with senior military figures.

The European Union announced sanctions on 11 individuals on Monday and is expected to target the conglomerates soon.

But although many foreign governments have condemned the military’s actions, Thomas Andrews, special U.N. rapporteur on human rights in Myanmar, said the diplomatic response was slow and called for an emergency summit on the crisis.

Click to play video: 'Myanmar protesters try to douse tear gas as police open fire' Myanmar protesters try to douse tear gas as police open fire
Myanmar protesters try to douse tear gas as police open fire – Mar 14, 2021

A volatile Armed Forces Day

The AAPP recorded nine deaths of protesters at the hands of the security forces on Thursday.

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Other media outlets reported at least seven protesters were wounded when security forces opened fire in various places. Reuters could not independently verify the reports.

The military was trying to stifle protests before Armed Forces Day on Saturday, the AAPP said.

The day commemorates the launch of armed resistance against Japanese occupation in 1945 and typically involves military parades through the capital Naypyitaw.

Read more: Myanmar protesters voice defiance against military coup with overnight vigils

A military spokesman did not respond to calls seeking comment.

Residents said that after dark on Thursday, soldiers raided Yangon’s Mingalar Taungnyunt district and arrested people on the streets after curfew. Residents heard bangs that could be either stun grenades or gunfire, they said.

One resident said soldiers had shot at his building every night this week and checked houses they deemed suspicious.

“Even if they find nothing, they take everything they want,” he told Reuters.

The junta has tried to justify the takeover by saying a Nov. 8 election won by Suu Kyi’s NLD was fraudulent – an accusation the electoral commission has rejected. Military leaders have promised a new election but have not set a date and have declared a state of emergency.

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(Reporting by Reuters Staff; Writing by Ed Davies; Editing by Michael Perry)

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