Myanmar's economy to shrink as floods compound crisis, says World Bank

FILE - Volunteers ride a boat through a flooded area, searching for stranded people following the impact of Typhoon Yagi in Taungnoo city, Myanmar, September 17, 2024.

Myanmar's economy is expected to shrink by 1% in the current fiscal year, the World Bank said Wednesday, sharply downgrading its economic forecast as severe floods compounded the challenges facing the conflict-torn country.