COVID 19's economic impact on Myanmar tourism and SMEs

COVID 19's economic impact on Myanmar tourism and SMEs

The COVID-19 global pandemic had a devastating impact on the economy in Myanmar, crippling thousands of small and medium-sized enterprises (SMEs) and bringing the tourism industry to a standstill.

According to figures from the World Bank, one in three SMEs filed for closure and nearly two-fifths reported they were unlikely to get the cash to survive the next four months.

This has led to soaring unemployment rates in Myanmar, with most workers returning home to villages and adding financial pressure to the rural economy.

In response, the Myanmar government introduced the COVID-19 Economic Relief Plan. The plan sought to ease banking regulations and stimulate economic activities through stimulus packages for employees, businesses and households.

In an online seminar hosted by the Myanmar Research Centre, business advisor and industry researcher, Richard Dagun addressed the Government’s support policies for SMEs and outlined possible future economic impacts.

View the presentation and watch a recording of the seminar on our website: COVID 19's economic impact on Myanmar tourism and SMEs.

Updated:  7 October 2016/Responsible Officer:  Director, Myanmar Research Centre/Page Contact:  CAP Web Team