Food queues have been building up in the supermarkets of Yangon – possibly as fast as the troubled military retreats from the surrounding states of Myanmar’s largest city – following another unsuccessful attempt to revive an economy crippled by civil war.
This situation is a result of high rice prices due to supply shortages, leading to sales suspensions and market closures. The military has detained and interrogated millers and sellers accused of overpricing, causing further chaos.
Even millers from the state-controlled Myanmar Rice Federation have been detained, as the State Administration Council failed to set rice prices at an affordable rate of about $15 for a 48-kilogram sack of ordinary rice – significantly lower than the market price.
With limited rice available at official stores and restrictions on purchases, consumers are left waiting, going hungry, or paying higher prices elsewhere. The situation is especially challenging for those with low incomes.
In areas like Myawaddy, which is isolated due to conflicts, people have to rely on expensive Thai rice brought in from across the border. The military’s interventions in various markets have only worsened the economic crisis.
Myanmar’s military leadership, led by Senior Gen. Min Aung Hlaing, continues to deny the severity of the economic challenges, despite international forecasts indicating minimal growth. The informal economy, which plays a significant role in the country, is often overlooked in these predictions.
While official forecasts may paint a picture of stability, the ground reality tells a different story with millions displaced internally and a significant portion of the youth leaving the country to escape conflicts and conscription.
Concerns have been raised about the integrity of economic figures released by institutions like the ADB, World Bank, and IMF, with some experts questioning the accuracy of the forecasts given the ongoing civil unrest in Myanmar.
Ultimately, the focus should be on the impact of rising rice prices on the population, rather than relying solely on misleading economic indicators.