Myanmar's Coup Will Be 'Painful' For Already Struggling Economy, Analysts Warn
Myanmar's economy is already suffering due to COVID-19. Analysts say an imposition of broad economic sanctions in response to the coup could harm the country and result in greater Chinese influence.
Myanmar's economy could take a significant hit following this week's military coup, analysts say, as the U.S. mulls fresh sanctions and foreign investors appear rattled — potentially putting billions of dollars' worth of business investments at risk for the Southeast Asian country.
Citing "fraud" in the November general elections, Myanmar's military, known as the Tatmadaw, took control of the government on Monday — the same day the newly elected parliament was set to convene. Leaders of the National League for Democracy ruling party were detained, including State Counsellor and Nobel Peace laureate Aung San Suu Kyi, who has since been charged with illegally importingThe military also announced on Facebook, Instagram and Twitter.
