Myanmar’s freefall into failed state status is starkly evident across the multiple battle zones of the countryside but arguably the most alarming decline is being felt in the fast-collapsing economy.
The post-coup State Administration Council (SAC) junta has transformed what was once a promising “last frontier” Asian developmental state into a war economy predicated on regime survival.
The opposition National Unity Government (NUG) presented grim findings on the state of the economy in a lengthy press conference on May 3, with Minister of Planning, Finance and Investment Tin Tun Naing and ministry advisor Sean Turnell outlining the doom loop of decline the SAC has orchestrated.
In recent weeks, the Myanmar kyat has fallen to 5,000 to the US dollar, marking a historic low. The kyat is now at 25% of its 2019 value, just before the twin disasters of the Covid-19…
