The National Bank of Cambodia predicts that this year’s economic growth in Cambodia will be boosted by the quick rebound of global growth and the economy as a whole (NBC).
According to the most recent NBC report, the garment, tourist, agricultural, and construction sectors will sustain the growth.
According to the bank, the Kingdom’s economic growth is anticipated to be 5.3 percent this year rather than the projected three percent growth in 2021.
Due to the improved situation with the COVID-19 pandemic, it is anticipated that this year’s global growth would be mild. This has benefitted the operation of production, trade, tourism, and investment.
But there was an increase in inflation for products and services related to oil as a result of the Russia-Ukraine war.
According to NBC’s Governor Chea Chanto, the government of Cambodia was compelled to reopen the country’s border and remove health restrictions for the vaccinated foreign tourists as a result of the effective preventive measures against Covid-19, particularly the vaccination of 94 percent of the country’s 16 million total population.
The country’s industrial product exports have increased, and activities in construction and real estate have been supported, Chanto said, due to domestically favorable conditions and the resumption of global economy.
In the first semester of this year, Cambodia exported goods worth $11,317 million, up 31% over the same period last year, while its imports grew by 4% to $15,400 million.
According to Chanto, “the resilience of business activity, investment, and consumption has been facilitated by the strength of the banking system, which has played a significant role in absorbing part of the impact of the Covid-19 crisis on the national economy.”
Source: Khmer Times
