the country’s economy was badly hit. The people’s ability to make ends meet became more difficult.
The military coup in Burma has had a devastating impact on all classes of people. Job losses and high commodity prices have strained the lives of the lower classes.
Kovis was also affected by the third wave of the 19-wave, which came after the coup.
Since the military coup, unemployment has increased, wages and working hours have been cut, household incomes have decreased, and the exorbitant price of commodities has put pressure on people’s day-to-day lives.
He stated, “We are spending less.” When commodity prices rise because they are lower than average income, this presents a problem. You need not work full-time. Days off cost money to pay. The most important thing is to live rather than eat, not to own a house. An employee who had his hours cut said, “I’m more worried about paying rent.”
Due to the Kovis-19 virus and a military coup, the International Labor Organization (ILO) projects that 1.6 million jobs will be lost by 2021.
According to estimates provided by the World Bank, the effect on incomes and employment will continue to dampen domestic consumer demand.
The current depreciation of the kyat has increased the cost of transporting goods, as well as the price of imported kerosene and raw materials, driving up the prices of both consumer goods and basic commodities.
A gold kyat cost more than 13 lakh kyats before the coup, and it cost 187,000 kyats a year later. The dollar’s value has increased from more than 1,300 to close to 2,000 kyats now, up from close to 600 before the coup and more than 1,600 a year later.
The amount of rice produced by each nation increased to 2,200 tons from 1,800 tons. It has increased to over 5,000 kyats per pound from 2,500 kyats per pound. The cost of a pound of eggplant used to be 700 kyats. It was around 1,000 kyats in the past, but it is now 2,000 kyats. It now stands at 2,200. A pack of dry noodles that cost 200 kyats was now 400 kyats prior to the coup. From 500 kyats for ten bubbled beans, it is presently 800 kyats.
A bag of fertilizer used to cost around 20,000 kyats, but today it costs 80,000 kyats. The price of a bottle of Thai bath soap has increased from 5,300 kyats to 8,500 kyats.
“The pension and the high commodity prices are not enough,” a retiree stated. The issue is that meter prices are rising in the interim. I used to have to pay around 4,000 for the 2,000 items I got to eat and wear. It multiplied. That is the issue. Spending has increased. The pensions have not grown. He stated that there are such difficulties.
Political unrest as a result of political unrest; restriction on traffic; Obstacles In addition, inspections slowed down the flow of goods, raised the cost of transportation, and raised commodity prices. Consequently, there is a significant discrepancy between the farmer’s initial price and the consumer’s price.
Operations continue to be hampered and agricultural output reduced as a result of portfolio weaknesses in supply and demand. Rising food costs and declining admittance to credit could demolish food weakness, as indicated by a World Bank report.
According to estimates provided by the World Bank, the long-term effects of a military coup could impede Myanmar’s development over the long term, and poverty levels have more than doubled since the outbreak of Kovis-19.
Currently, the nation is experiencing instability. Harvest Chains of production are being affected, and by 2022, food security will be affected. The possibility that commodity prices will continue to rise has experts concerned.