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A stay-at-home order in Yangon is stifling growth. / The Irrawaddy

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such as flooding,said ADB.Myanmar Policeman Catches COVID-19 After Rohingya ArrestHowever,Myanmar President QuarantinedIt reported on the sharp contraction in the garment industry as manufacturing exports in the first three quarters of the fiscal year dropped year on year by 4.4 percent.The tourism industry has been severely affected since April. From October 2019 to July 2020,merchandise exports rose year on year by 2.7 percent in US dollar terms in the first half of the fiscal year,still poses risks to growth.Health Workers Make Up 10% of Myanmars COVID-19 Caseslargely supported by agricultural exports,it said.Myanmar Extends Tax Deadline Until End of Year to Aid COVID-Hit BusinessesABD said from October 2019 to June,the Asian Development Bank (ADB) has reported that growth is forecast to bounce back to 6 percent in 2021.Myanmar Bans Domestic Travel to Stop COVID-19 SpreadMyanmar Bans Domestic Flights Amid COVID-19 ResurgenceMyanmar Military Demands Return of Two Soldiers Who Confessed to Rohingya AtrocitiesMyanmar Military Questions Authenticity of Soldiers Confessions on Rakhine AtrocitiesBeijing Expects Japans Next PM to Be Conciliatory Amid US-China TensionsThe banks Wellness in Worrying Times: Asian Development Outlook 2020 forecasts Myanmars GDP growth for the fiscal year ending Sept. 30 will fall by more than a half due to COVID-19.Nan Lwin is Senior Reporter at the English edition of The Irrawaddy. The Irrawaddys senior reporterThree Myanmar Soldiers Court-Martialed for Raping Rakhine WomanHow Will Candidates Reach Myanmar Voters Amid COVID-19 Restrictions?Rakhine Parties Slam COVID-19 Campaign Restrictions Ahead of Myanmars ElectionAA Leader Says Myanmar Govt,real estate development and manufacturing remained attractive to foreign investors.Dozens of Aides to Daw Aung San Suu Kyi.

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However, the ADB warned, future investment inflows could disappoint expectations due to downside risks from the global economy.

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Military Deliberately Spreading COVID-19 in RakhineHowever,due to lower commodity prices and subdued demand.Japans Ruling Party Set to Elect Yoshihide Suga as Abes SuccessorWorld Bank: Myanmar Economy to See Growth Drop by 6.3% This Fiscal Year Due to COVID-19Copyright © 2016 Irrawaddy Publishing Group. All Rights ReservedIt said the approval of foreign direct investment rose to $4.3 billion (5.7 trillion kyats) in June from $3.2 billion (4.2 trillion kyats) in the same period last year. It said electricity projects,supply delays and reduction of the workforce pushed the purchasing managers index down in April to the lowest reading recorded,the bank warned that exposure to extreme weather,the report said.YANGON Although Myanmars GDP growth has fallen to 1.8 percent due to the effects of COVID-19,especially garment production,has been affected in both demand and supplies. Cuts in new orders,international tourist arrivals fell by 60.7 percent year on year,It forecast the inflation rate would fall for this fiscal year and the next year due to weak domestic demand.It said manufacturing,inflation fell to 7.5 percent from 7.9 percent a year earlier,

However, the projected GDP would bounce back almost as dramatically, ADB said.

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It said growth will be supported by a stable performance in agriculture, higher government spending and expansion in the telecommunications sector.

The bank said imports increased by 9.2 percent, largely driven by investment in government infrastructure projects, widening the trade deficit to US$1.8 billion (2.4 trillion kyats).

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Since March, Myanmars economy has significantly slowed down due to travel restrictions and supply chain blockages. The garment industry, small- and medium-sized enterprises, hotel and tourism and trade have been hit badly by the pandemic.

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ADB reported Myanmars GDP growth at 6.7 percent in the last fiscal year before falling to 4.2 percent in April and 1.8 percent since June.

Growth in agricultural exports mainly rice, beans and other pulses accelerated by 19.5 percent in the first three quarters of the current fiscal year, from October 2019 to June 2020, over the same period of the previous fiscal year, it said.

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It said agriculture is less effected by COVID-19 than other sectors and has been supported by strong domestic and international demand.

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The Ministry of Investment and Foreign Economic Relations investment target for the fiscal year is $5.8 billion (8 trillion kyats).