Cambodian Growth to Achieve 4 Percent This Year
AKP Phnom Penh, January 05, 2021 --
Cambodia’s national economic growth in 2021 will achieve at least 4 percent, according to the Macroeconomic and Banking Sector Update 2020 report by the National Bank of Cambodia (NBC).
The newly released report also acknowledges other growth forecasts by international and regional financial institutions claiming it will contract between 4 and 1.9 percent in 2020 due to rapid drops in tourism, garment and textile exports, and beyond, resulted by the COVID-19 crisis.
The encouraging projection by NBC this year was based on the positive trend of garment and textile manufacturing, travel products, and agricultural exports, thanks to a series of measures led by Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen to stabilise Cambodia’s economy.
The total trade volume was recorded at around US$32 billion in 2020, and the exports have been achieved at about US$16 billion, remarkably backed by strong exports of seven key agricultural products, including milled rice, paddy rice, cassava, cashew, mango, longan, and pepper.
The tax and customs generated about US$5.27 billion last year, and some 13 trillion Riel at the national treasury.
Construction and real-estate, foreign direct investment, tourism are also expected to recover though humbly, added the report.
According to the Premier, Cambodia has in total 44.400 tonnes of gold in reserve for sustainable macro-economy in the country.
By Heng Panha