The ongoing civil war in Myanmar has severely impacted the economy, particularly affecting garment workers like Wai Wai, who earns just over US$3 a day while working for international brands such as Adidas and H&M. Since the military's takeover in 2021, rising food prices and economic hardship have forced many workers to skip meals to support their families. The apparel industry, which generated over US$3 billion in exports in the last financial year according to Myanmar's Commerce Ministry, faces significant challenges due to high operational costs and widespread rights abuses. Major brands like Zara have exited the market, while others like H&M are phasing out operations due to the deteriorating situation. [77e9491b]
In addition to economic struggles, the military's conscription law, enforced in February 2024, has heightened fears among workers, particularly women, who are now included in the draft despite official statements suggesting otherwise. Reports indicate widespread violations of workers' rights since the coup, with union activities banned and leaders arrested. The situation for garment workers exemplifies the broader economic crisis in Myanmar, where the military junta's coercive control continues to stifle growth and exacerbate poverty. [77e9491b]
The fight for control of banks in Yemen between Houthi rebels and the internationally recognized government is compounding the economic woes in the region. The Houthis and the government operate different currency notes with varying exchange rates, leading to confusion and eroding the value of Yemen's currency, the riyal. Yemenis in Houthi-controlled areas have been unable to withdraw money from bank savings accounts, leading to protests. The conflict over banking control threatens to disrupt the import of food and basic commodities, deepening poverty and worsening food insecurity. [3252c9dc] [70f1b54c]
Meanwhile, in Misrata, Libya, businesspeople are struggling to obtain letters of bank credit, with funds still suspended in the banking system despite the payment of required fees. The Head of the Misrata Chamber of Commerce has expressed concern and has demanded action from the Central Bank, threatening to escalate their actions if the situation does not improve. This closure is adding to the economic challenges faced by businesspeople in Misrata. [3c320994] [17d81eb8]
The impact of the Gaza war on the Egyptian economy has also been significant, leading to a loss of tourism, reduced Suez Canal revenues, and rising wheat prices. The Egyptian currency has slipped against the US dollar, putting additional pressure on the economy. The International Monetary Fund (IMF) has provided a bailout loan to Egypt, but public frustration remains high due to the government's close ties with Israel and the ongoing economic challenges. [17d81eb8]