Myanmar today presents a more worrying picture than at almost any time since the darkest days of military dictatorship. The world's attention has rightly been focused on the Rohingya crisis and the plight of hundreds of thousands of men, women, and children fleeing in one of the biggest refugee exoduses since the second world war. 

The worst may not be over. Humanitarian needs are far from met and discussions have barely begun on possible refugee return or the investigation of human rights abuses. 

There is a chance that western countries may respond with targeted sanctions. Even if formal sanctions are not imposed, international investor interest and tourism numbers will doubtless plummet. This is at a time when local business confidence is weak and banks unstable. Millions of the poorest people in Asia may soon face an unbearably bleak future.