Myanmar factory output at record low
The military crackdown in Myanmar is affecting factory workers. The Purchasing Mangers’ Index (PMI) conducted between March 12 and 23 was at 27.5, down from February’s 27.7. The news was reported by Business of Fashion. A figure below 50 is a sign of contraction, and these numbers are a record low. Input prices have risen for the sixth consecutive month in a row. The country has seen months of retailers suspending orders due to the instability in the region. Factories have also been set on fire in what are believed to be arson attacks. This week, the U.S. Trade Representative’s office said they would cut off all trade with Myanmar until further notice. This will be detrimental to business in the region. Myanmar’s economy is set to shrink 10 percent by September 2021 according to the World Bank.