• Burmese
Wednesday, July 9, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
26 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Specials Myanmar & COVID-19

COVID-19 Taking Huge Toll on Myanmar Manufacturing, Service Sectors, World Bank Says

Nan Lwin by Nan Lwin
December 8, 2020
in Myanmar & COVID-19
Reading Time: 3 mins read
0 0
A A
A nearly deserted Yangon is seen in April, when the city was in lockdown to curb the spread of COVID-19. / Htet Wai / The Irrawaddy

A nearly deserted Yangon is seen in April, when the city was in lockdown to curb the spread of COVID-19. / Htet Wai / The Irrawaddy

5.1k
VIEWS
Share on FacebookShare on Twitter

YANGON—The World Bank (WB)’s latest survey on Myanmar has revealed that nearly half of all businesses in the manufacturing and service sectors do not expect to recover from the economic effects of the pandemic, while a reduction in sales is the top concern of businesses in the country.

The WB’s latest survey for October covered 500 firms across the country. The survey results show that firms in the agriculture, manufacturing, wholesale and retail, and service sectors remain less optimistic of recovery during the second wave of COVID-19. It found that the proportion of firms not expecting to recover reached 41 percent in October, up from 29 percent in May.

The bank said that the economic impact of the second wave of COVID-19 has been more severe on businesses than the first wave, with more firms not expecting to recover this time.

RelatedPosts

Chameleon Crony: How Myanmar’s ‘Baby’ Tycoon Thrived Across Four Eras

Chameleon Crony: How Myanmar’s ‘Baby’ Tycoon Thrived Across Four Eras

June 10, 2025
5.1k
Trump-Musk Alliance Melts Down in Blazing Public Row

Trump-Musk Alliance Melts Down in Blazing Public Row

June 6, 2025
523
ASEAN Corporate Giants Fueling Myanmar Junta’s War Crimes: JFM

ASEAN Corporate Giants Fueling Myanmar Junta’s War Crimes: JFM

May 26, 2025
2.3k

Declining sales were a concern for 96 percent of responding firms in October, up 11 percentage points from May, the WB said.

The sales outlook for the next three months also remained negative, with sales expected to decline by an average of 26 percent from the same period a year ago. Firms in the service sector expect the decline to be 41 percent on average, while those in retail and wholesale expect a 21-percent decline, the bank said.

It added that more than half of firms involved in agriculture expect to fall into arrears over the next three months. Overall, 35 percent of firms expected to fall into arrears in the next three months when it comes to their outstanding liabilities.

The WB found that more firms applied for government support in October, with about half of firms reporting that they accessed loans or credit guarantees, the most commonly used forms of government support.

Tax deferral, deduction and relief comprised the second-most-requested policy priority for firms in October, with 11 percent of firms seeking such measures, the bank said.

The proportion of manufacturing firms reporting temporary closures rose to 19 percent in October from 12 percent in September. The figure declined for retailers and wholesalers by 2 percentage points, however, and by 7 percentage points for firms in the service sector.

Large and medium-sized firms continue to experience higher rates of temporary closures as they are more likely to be required to observe stay-at-home orders, the bank said.

Small firms have also experienced a rise in temporary closures since September, the bank said. The increase in temporary closures was seen mostly in manufacturing and small firms; almost half of the firms in Yangon, the commercial capital, have closed temporarily, according to the bank.

The WB said Yangon continued to see the highest proportion of temporary closures in October at 42 percent, but the share of firms reporting closures in Mandalay more than doubled between September and October, from 11 to 24 percent.

Some 87 percent of the firms surveyed reported experiencing negative impacts from COVID-19 in October, down 6 percentage points from September.

At 97 percent, nearly all firms in Mandalay reported negative impacts from COVID-19 in October. This is the highest share reported by any region in that period, followed closely by Yangon (93 percent), the bank said.

Firms were less concerned in October with cash flow shortages and more concerned with disruptions to supply of inputs. The other most common issue in October was difficulty making repayments on loans, followed by a quarter of firms reporting cash flow shortages and reduction in access to credit, the World Bank said.

Almost half of service sector firms reported a decline in total investments in September compared to the same month last year. In September, 42 percent of service firms reported a decline in total investments compared to the same month last year, higher than the nation-wide average of 28 percent, the bank said.

In April, the government launched its COVID-19 Economic Relief Plan, implementing monetary reforms, increasing health-care spending and other measures. Moreover, the government said it is drafting the Myanmar Economic Recovery and Reform Program to maintain economic reforms introduced by the National League for Democracy. The plan includes strategies for helping the economy recover from COVID-19.

In September, the government said that as part of its COVID-19 economic relief plan, it had committed 200 billion kyats (US$150.5 million) for the manufacturing, hospitality, tourism and service sectors, 600 billion kyats for farmers, 100 billion kyats for the microfinance sector, 200 billion kyats for small and medium-sized enterprises and 100 billion kyats for small teashops and street stalls.

You may also like these stories:

Medics in Myanmar’s Mandalay Fall Sick with COVID-19 as Cases Spike

Japan Reveals Full Commitment to Myanmar’s Dawei SEZ

Myanmar Moves Ahead with COVID-19 Vaccine Plans

Your Thoughts …
Tags: BusinessCOVID-19
Nan Lwin

Nan Lwin

The Irrawaddy

Similar Picks:

Post-Coup Myanmar is a Family Business: Min Aung Hlaing & Co
Burma

Post-Coup Myanmar is a Family Business: Min Aung Hlaing & Co

by David Aung
February 8, 2024
17.9k

Min Aung Hlaing is an opportunistic businessman in military uniform and his children are more mercenary than the offspring of...

Read moreDetails
KIA Seizes Myanmar Junta’s Last Remaining China Trade Route in Kachin State
War Against the Junta

KIA Seizes Myanmar Junta’s Last Remaining China Trade Route in Kachin State

by The Irrawaddy
June 14, 2024
17.1k

The military regime has also lost control of all border trade in neighboring northern Shan State.

Read moreDetails
Myanmar Junta Reportedly Set to Prosecute High-Profile Businessmen for Corruption
Junta Cronies

Myanmar Junta Reportedly Set to Prosecute High-Profile Businessmen for Corruption

by The Irrawaddy
October 18, 2023
15.9k

Regime cronies Thein Win Zaw and Mu Mu Shein are set to follow former lieutenant general Moe Myint Tun as...

Read moreDetails
Myanmar Junta’s ‘Brainless’ Response to Soaring Gold Prices Leaves Market in Disarray
Analysis

Myanmar Junta’s ‘Brainless’ Response to Soaring Gold Prices Leaves Market in Disarray

by Hein Htoo Zan
June 4, 2024
14.8k

Arrests, corruption, false receipts—the crisis in the gold and currency markets bears all the hallmarks of the junta’s inability to...

Read moreDetails
Myanmar’s Multibillion-Dollar Jade Trade ‘Crashing’ as China Clamps Down  
Business

Myanmar’s Multibillion-Dollar Jade Trade ‘Crashing’ as China Clamps Down  

by The Irrawaddy
June 5, 2024
14.3k

Crackdown on border scams and tax fraud is taking heavy toll on gems trade, say merchants.

Read moreDetails
Scam Operations Flourish in Myanmar’s Biggest City
Investigation

Scam Operations Flourish in Myanmar’s Biggest City

by The Irrawaddy
March 7, 2024
10.2k

Under the noses of junta officials, online scam syndicates freely operate in Yangon as government-registered companies, an investigation by The...

Read moreDetails
Load More
Next Post
A Ta’ang National Liberation Army fighter in northern Shan State. / Kyaw Kha / The Irrawaddy

Ethnic Armed Groups in Myanmar's Shan State Clash in Territorial Dispute

A medic treats a COVID-19 patient at the temporary Ayeyarwady hospital in Mandalay. / Ministry of Health and Sports.

Myanmar’s COVID-19 Cases Exceed 100,000

No Result
View All Result

Recommended

37 Years and Counting: Why Has Myanmar’s Democracy Struggle Taken So Long?

37 Years and Counting: Why Has Myanmar’s Democracy Struggle Taken So Long?

6 days ago
1.3k
Myanmar Junta Blacklists 200 Firms for Dodging Hard Currency Grab

Myanmar Junta Blacklists 200 Firms for Dodging Hard Currency Grab

1 week ago
1.3k

Most Read

  • Chin Resistance Tensions Boil Over as CNA Seizes Rival’s Myanmar HQ

    Chin Resistance Tensions Boil Over as CNA Seizes Rival’s Myanmar HQ

    shares
    Share 0 Tweet 0
  • Myanmar Junta Starves Last Rakhine Strongholds as AA Closes In

    shares
    Share 0 Tweet 0
  • Myanmar Junta Trains Staff on Electronic Voting Machines Across the Country

    shares
    Share 0 Tweet 0
  • China’s Surveillance State Watches Everyone, Everywhere

    shares
    Share 0 Tweet 0
  • Trump’s Tariffs to Hit Myanmar’s Garment Manufacturers Hard

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.