Myanmar's economy badly dented by earthquake, World Bank says

GDP expected to contract by 2.5% in 2025/26, with more pushed into poverty

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BANGKOK - Myanmar's beleaguered economy is expected to contract by 2.5 per cent in the 2025/26 fiscal year, largely due to the devastating impact of a powerful earthquake in late March, the World Bank said in a report on June 12.

The World Bank said direct damage to property and infrastructure from the 7.7-magnitude quake was estimated at US$11 billion (S$14.1 billion), or 14 per cent of the nation's gross domestic product, estimating that economic output would be about US$2 billion lower than it otherwise would have been because of the quake.

The quake affected more than 17 million people, with nine million severely impacted, the World Bank said.