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ADB: Myanmar’s Economy Faces Dramatic Slump After Coup

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Myanmar’s economy is set to slump dramatically in the wake of the Feb. 1, military coup, according to the Asian Development Bank (ADB).

The institution has now predicted an 18.4-per-cent year-on-year decline in Gross Domestic Product (GDP) for the troubled country in its economic outlook for the region for 2021.

The country formerly known as Burma was the only country in South-East Asia in the list where economic output was declining.

The Myanmar currency rate has been decreasing and the central bank has sold at least 45 million dollars within the last 10 days, but it has not stopped the rise in the U.S. dollar exchange rates on the market.

Junta chief Min Aung Hlaing this week expressed optimism that the crisis can be overcome by means of a six-month national plan.

“If Myanmar can upgrade the industries based on agriculture and livestock farms, the state economy is sure to resurge,’’ he said.

Experts see it differently. Citizens have as little trust in the military leadership as in the central bank, an adviser to a top business group in Myanmar, who wished to remain anonymous, told dpa on Friday.

“Due to the decrease in the economy, there isn’t much demand from the consumers, so they are buying only necessity items.

“To revive this within six months is impossible,” the adviser stressed.

In 2020, GDP growth was still around 3.2 per cent. In 2019, Myanmar was even still among the most dynamic economies in the region, with GDP growth of 6.8 per cent. (dpa/NAN)

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Foreign News

China to Eliminate Tariffs on Imports from African Countries

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 China has announced the full removal of tariffs on imports from all African countries, ENA, a partner of TV BRICS, has reported.

The tariff elimination falls under the new China-Africa Economic Partnership for Shared Development, a framework designed to accelerate Africa’s integration into global trade by increasing market access, improving customs procedures, and strengthening institutional trade capacity.

The initiative is part of a broader effort by Beijing to support industrialisation, diversify imports, and reinforce economic links with African states beyond raw materials.

President Xi Jinping reaffirmed China’s readiness to welcome all African exports under zero-tariff treatment.

He emphasised that the new arrangement would be accompanied by enhanced cooperation in customs, quarantine, logistics, and capacity building.

China also pledged to support training programmes and expand the visibility of high-quality African goods in the Chinese market.

In 2024, China–Africa trade reached nearly 300 billion dollars, consolidating China’s position as Africa’s largest trading partner.

Observers note that the new tariff policy may further strengthen the African Continental Free Trade Area by encouraging intra-African production and export diversification.

The strategic shift is expected to unlock new opportunities for value-added goods and services from across the continent, reinforcing Africa’s role in global supply chains. (TV BRICS/NAN) 

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CRIME

Man in Germany Charged with Serial Rape After Drugging Victims

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Court Sentences Applicant to 6 Months in Prison for Stealing Cell Phone
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 German prosecutors on Tuesday have charged a 43-year-old Chinese national with 22 offences, including attempted murder and aggravated rape after drugging victims, in some cases involving women he knew.

The accused, who was not identified, is suspected of sedating women with sleeping pills and raping them in eight cases.

Prosecutors in Frankfurt said some victims knew the defendant and were unaware of what was happening.

In four cases, the man is suspected of overpowering, anaesthetising and raping the victims during property viewings and of videoing or photographing the acts.

In seven cases, the drug dose was so high it may have endangered victims’ lives, prosecutors said in a statement.

The accused is alleged to have been a member of the Telegram online platform for several years, where he exchanged information about how to sexually assault unconscious women.

He is also believed to have illegally sold sedatives to other chat participants, prosecutors said.

The man from Offenbach, near Frankfurt, is believed to have committed the offences between January 2020 and November 2024, and has been in custody since November 2024, prosecutors said.

The charges follow the high-profile case of Dominique Pelicot in France, convicted in December of repeatedly drugging and raping his wife for almost a decade and inviting dozens of strangers to rape her unconscious body. (Reuters/NAN) 

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Foreign News

Man Bites Off Part of Another Man’s Ear On Train

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A fight on a German train saw a man bite off a piece of another man’s ear, police said on Monday.

The incident occurred on a Deutsche Bahn train between the south-western cities of Mannheim and Stuttgart.

An argument broke out after an unknown man accused a 43-year-old man of looking at his partner.

The former bit the ear of the 43-year-old, who retaliated by biting the man’s finger.

According to police, the unidentified man and his companion were able to leave the train at the central station in Stuttgart and fled.

Police said that they are searching for the man’s identity.

The 43-year-old was taken to the  hospital, where the piece of his ear was sewn back on.

(dpa/NAN)(www.nannews.ng)

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