The dual impact of the pandemic and Myanmar's political crisis triggered by a military coup could result in nearly half of the population, or as many as 25 million people, falling into poverty by 2022, the United Nations Development Program (UNDP) warned.
In a report released on Friday, UNDP said the effects of the crisis could push millions more people into poverty.
"COVID-19 and the ongoing political crisis are adding to the shock that is pushing the most vulnerable back and deeper into poverty," UN Assistant Secretary-General and Regional Director for Asia and the Pacific, Kanni Wignaraja, told Reuters.
"The development achievements achieved during a decade of democratic transition, however imperfect, will be erased in a matter of months," he said, adding that the country's progress may regress to 2005, when the country was also under military rule and half of the population was poor.
The study shows that at the end of last year, an average of 83% of households reported almost half their income due to the pandemic.
The number of people living below the poverty line is estimated to have increased by 11 percentage points due to the socio-economic effects of the pandemic.
Meanwhile, the report said the deteriorating security situation, as well as threats to human rights and development in Myanmar since the February 1 coup could increase poverty by a further 12 percentage points by the start of next year.
Myanmar has been in turmoil since the military toppled the elected government of San Suu Kyi, detained him and other civilian politicians, then cracked down with deadly force on anti-coup protesters.
Security forces have killed more than 750 civilians during the demonstration, said an activist group.
The report says women and children will bear the brunt of the crisis.
"Half of all children in Myanmar can live in poverty within one year," said Wignaraja, adding that already vulnerable internally displaced persons also face more pressure.
The report said urban poverty was expected to triple, while the security situation broke supply chains and hindered the movement of people, services and commodities, including agricultural goods.
Pressure on Myanmar's currency, the Kyat, has also raised import and energy prices, the report said, while the banking system remains paralyzed.
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