A condominium building under construction in Phnom Penh’s Diamond Island (Source: https://www.khmertimeskh.com/) Hanoi (VNA) - Cambodia's economy remains robust in 2019 despite concerns over the possible loss of Everything but Arms (EBA) trade scheme with the European Union (EU), Cambodian officials and analysts said.
According to Cambodian Deputy Prime Minister, and Economy and Finance Minister Aun Pornmoniroth, Cambodia’s economic growth will be likely to expand 7.1 percent this year, making the GDP (Gross Domestic Product) value increase to 26.8 billion USD.
Notably, the industrial sector is expected to grow by 10.7 percent, while the service and agriculture fields are projected to increase by 6.7 percent and 1.6 percent, respectively, he said.
Inflation is predicted to rise slightly to 2.8 percent this year from 2.5 percent last year, Pornmoniroth added.
Meanwhile, Mey Kalyan, a senior advisor to the Supreme National Economic Council, said Cambodia’s economic situation has been quite stable and rather robust this year although it faces many negative elements such as the overall downward trend of global trade, uncertainties of EBA, and risks of political instabilities.
However, In Channy, Chairman of the Association of Banks in Cambodia, said the confidence of foreign investors, particularly Chinese ones, in Cambodia's political stability and macroeconomic stability remained strong.
According to Khmer Times of Cambodia, Cambodia’s GDP growth is forecast to lightly decrease to 7 percent in 2020./.
VNA
