Myanmar’s economy is forecast to contract this year, the World Bank said Wednesday, as flooding and fighting take a severe toll nearly four years after the military ousted its elected government headed by Aung San Suu Kyi.

The World Bank expects Myanmar’s economy to contract in the current fiscal year, as elevated inflation, a slumping currency, and electricity and labour shortages further pressure a war-torn nation. Read more at The Business Times.

Myanmar's economy is expected to shrink by 1% in the current fiscal year, the World Bank said on Wednesday, sharply downgrading its economic forecast as severe floods compounded the challenges facing the conflict-torn country.

The World Bank downgraded Kenya's economic growth estimate for this year to 4.7% on Tuesday, from an initial 5.0%, citing the impact of floods, anti-government protests and flailing fiscal consolidation efforts.

Kenya’s economy is heading for its worst performance since a coronavirus-induced contraction in 2020 because of floods and anti-government protests, according to the World Bank.

The World Bank says this in the latest Kenya Economic Update as it downgrades the country’s growth projection for this year to 4.7 per cent, almost similar to pre-Covid slow growth of 4.6 per cent.