Myanmar pro-democracy camp: Economy faces collapse

Myanmar's pro-democracy camp says the country's economy is collapsing after three years of military rule.

The National Unity Government held an online news conference on Monday to highlight Myanmar's economic situation.

Sean Turnell, the NUG's economic advisor, said the country's military spending has expanded 60 percent since 2021, and is now more than double the spending on health and education combined. He said that ''terrible indicator of priorities'' is "dramatically worse".

The NUG's finance minister Tin Tun Naing said the local currency, the kyat, has dropped by more than a third against the US dollar since the military seized power in a coup in 2021.

Myanmar's citizens are increasingly buying gold to protect the value of their savings, pushing up its price locally.

The junta said it launched a crackdown on gold traders on Monday for suspected illegal manipulation of gold prices.

However, pro-democracy media outlets say the military is forcing businesses to take responsibility for the failure of its economic policies.