Cambodia is on a path to significantly expand its job market, aiming to create approximately 10.2 million employment opportunities by 2026. With an annual employment growth rate of 2.5%, the country expects to provide jobs for an additional 235,000 individuals each year. This optimistic forecast is supported by the Labour Market Newsletter published by the Ministry of Labor and Vocational Training (MLVT), which attributes the positive outlook to a stronger-than-anticipated global economy, particularly noting growth in major Cambodian export destinations such as China, the United States, and European countries.
The first half of 2024 saw the Kingdom anticipating a 6.6% economic growth, promising to generate job opportunities for 220,000 people, marking a 2.3% increase within the year. Sectors such as hospitality, construction, transport, and wholesale and retail are expected to drive this employment surge.
Katta Orn, MLVT’s Spokesperson, in a conversation with Khmer Times, highlighted the accelerated development across various sectors post-COVID-19. He underscored the national economic growth projections of 6.6% for the current year, a figure corroborated by both the World Bank and the Asia Development Bank (ADB). Orn also mentioned the Royal Government of Cambodia’s initiatives to improve workers’ welfare, including salary increases for garment workers and considerations for similar adjustments for construction workers and cleaners.
The job market expansion strategy from 2024 to 2026 involves creating jobs for an additional 235,000 citizens annually. This growth is expected to be fueled by demand in various occupations, including craftsman roles, professional labor, sales positions, and technical operations. However, the report also cautions that individuals with limited skills or education may face challenges in securing employment and urges them to pursue skill enhancement training to remain competitive.
For graduates of secondary schools, vocational training, and higher education, the prospects appear bright, with increased opportunities aligned with the country’s economic progress. The MLVT report also outlines the skills that will be in demand in the coming years, including language proficiency, technical and practical skills, problem-solving, and customer service, among others.
Despite the global labor market’s stable condition, as noted by the International Monetary Fund (IMF), Cambodia’s focused efforts on skill development and economic diversification are set to contribute significantly to its employment growth, reflecting a promising future for the nation’s workforce.
Source: Khmer Times