Cambodia optimistic about 2021 GDP growth hinh anh 1At the ground-breaking ceremony for the upgrading of National Road 48 on January 3.(Photo: Khmer Times)
Phnom Penh (VNA) - Cambodia’s economic growth in 2021 is projected to reach around 3 percent thanks to the strong export of agricultural and industrial products, especially the country’s reopening post COVID-19.

The projection was made by Prime Minister Hun Sen while addressing a ground-breaking ceremony for the upgrading of National Road 48 on January 3.

“The final projection of the economic growth will be made in the next three months, but at least it will reach around 3 percent,” Hun Sen said, as cited by Khmer Times.

The PM’s GDP forecast is higher than the growth rates of 2.4 percent for 2021 and 4 percent for 2022, mentioned by the Ministry of Economy and Finance in the budget bill 2022, which has been endorsed recently.

Phan Phalla, Secretary of State at the Ministry of Economy and Finance, said the decision to resume economic and social activities from early November would make the GDP growth projection of 2.4 percent wrong.

Between January and September, Cambodia’s total export (excluding gold) reached 12,688 million USD, a year-on-year rise of 23 percent, driven by garments, bikes and other goods.

In its report on ‘Macroeconomic and Banking Progress in 2021 and Outlook 2022’, the National Bank of Cambodia forecast that the economy will continue to grow 5 percent in 2022 thanks to the export of garments and non-garment products, electronic components and bicycles./.
VNA