Myanmar - Crushing democracy easy, Restarting economy tough

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  Myanmar - Crushing democracy easy, Restarting economy tough

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Read more on - Polity | Economy | Schemes | S&T | Environment

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1. The Story: While in January 2021, Myanmar’s minister of investment promised local and foreign businessmen a swift recovery from damage wrought by covid-19, and plans for internet and renewable energy, just two weeks later the army launched a coup, bundling Thaung Tun and other members of Aung San Suu Kyi’s cabinet into detention. The Myanmar economy could shrink by as much as 20% this year.
2. What changed: Business-friendly technocrats who used to advise General Thein Sein, who served as president until 2016, hold little clout in the new regime. The army has shut companies it believes are harbouring opponents, including media firms, while trying to force businesses it deems essential to stay open. The army is frightened by rolling strikes organised in protest against the coup and the hundreds of killings its soldiers have carried out.
3. Four months after: Myanmar economy is struggling, as long queues forming at cash machines show. People wait past dusk to get money, even though being out after dark increases the risk of running into trouble with soldiers patrolling the streets. Frightened citizens trying to withdraw their savings are being seen as aiming to “disturb the country and create mistrust”! The junta asked banks to send it CD-ROMs containing records of all deposits and withdrawals.
4. Forced to work: The army threatened to fine or nationalise banks that did not get striking employees back to their posts. Quite a few returned. But the threat of violence from security forces means many workers are frightened to be out and about for long. Internet restrictions are making online commerce difficult. The junta started blocking all mobile internet in mid-March, in an effort to stymie demonstrations. 
5. Keen no more: Investors were once keen on Myanmar’s digital economy, which grew particularly swiftly during lockdowns imposed to control the spread of covid-19, piling money into local firms such as Frontiir, an internet service provider. Not any more. Telenor, a Norwegian mobile operator that began rolling out its service in Myanmar almost a decade ago, has written off the full value of its business!
6. Summary: Activists want more businesses to take a stand against the regime. They want companies should exert the maximum leverage on the military. More than 200 firms, local and foreign, have backed a joint statement calling for democracy and the rule of law. But the army has a history of violence against the staff of businesses that upset it. Perhaps Myanmar still has to negotiate many more streams of blood before seeing a settled solution.

Read more on - Polity | Economy | Schemes | S&T | Environment

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