look news india
New Delhi: How many shopkeepers have been jailed in Myanmar for giving salary hike to their employees. Due to rampant inflation in the country, many shopkeepers have had to go to jail because they have started giving salary hike to their employees.
Zoe is not the only shopkeeper to be jailed. There are at least 10 other shopkeepers who, like Zoe, have been sentenced to 3 months in jail.
In such a situation, the military junta says that these shopkeepers highlight the rising inflation in the country by citing very vague laws.
Myanmar's legal experts say, 'Giving salary hike is not prohibited by law.' But officials say, 'In this way shopkeepers want to show that inflation is increasing in the country, which they should not do.'
A Zoe's employee who got a salary hike told the New York Times, 'We are very grateful to Seth for giving us a salary hike, even though we did not ask for it.' But now the shop is locked, so it is not possible to get salary even if the salary is increased. On the other hand, many people like us are troubled by the constantly rising prices. He said this on the condition of not revealing his name.
Australian economist Sean Turnell told the New York Times that since the military coup there in 2021, its economy has gone from crisis to coma and is now on the verge of complete collapse. Forget about growth in the economy, it has reached stagflation/stagnation + inflation. Stagflation means that on the one hand, growth in the economy has completely stopped. (Stability has come) Even though the interest rates of loans taken for goods are increasing, on the other hand, when the purchasing power of the public is broken, the clearance of goods is not enough, shop expenses and main supporting expenses when shops or industries are running, including the salary of servants, shop rent, warehouse rent, miscellaneous expenses of the shop, so the price of goods keeps increasing (must increase) but there is no consumption, so the businessman remains in trouble. Raw materials become expensive for industries, their electricity bill increases, if they use oil then their bill increases etc. But the decline in goods will continue. The goods produced are not consumed. As a result, the country has fallen into an abnormal state of stagflation, and if the situation improves, the economy will collapse.