A survey conducted by 10 foreign chambers of commerce in Myanmar says the country’s economy suffered a serious dip following COVID-19 lockdown restrictions but has been made far worse by the February 1 military coup.

The chambers of commerce queried a total of 372 companies about the impact of the COVID-19 pandemic and the coup. These companies included 182 from Japan and 115 from Western countries, in addition to 54 local companies and 17 from Myanmar’s Southeast Asian neighbours.

Of major concern is that about 13 percent of the companies surveyed have ceased all activities since the coup. Around a third of respondents reported a 75 percent-plus reduction in their activities in Myanmar since the military coup in February, while 21 percent said they have reduced activities by between 50 percent and 75 percent. Only 5 percent of respondents reported that the crisis had had no impact on their business activities.

Since the coup, over 770 people have been killed and 5,000 people arrested.

The crisis and the demonstrations have seriously impacted business activities.

The report indicates that many companies are in two minds about how the economic situation will play out, with the hope that the situation will improve by the end of 2021.