Myanmar’s economy is headed for its worst performance since the pandemic as the strife-torn country reels from the impact of a devastating earthquake in March that’s estimated to have caused $11 billion in damage,

Myanmar's beleaguered economy is expected to contract by 2.5 percent in the 2025/26 fiscal year largely due to the devastating impact of a powerful earthquake in late March, the World Bank said in a report on Thursday.

Heightened trade tensions and policy uncertainty are expected to drive global growth down this year to its slowest pace since 2008 outside of outright global recessions, according to the World Bank’s latest Global Economic Prospects report.

The World Bank said the U.S. economy in 2025 will grow 1.4 percent, 0.9 percentage points slower than its January forecast. It also called for all nations to reduce tariffs.

US consumer inflation ticked up in May, in line with analyst expectations, government data showed Wednesday as President Donald Trump's sweeping tariffs began to ripple through the world's biggest economy.