Cambodia’s economy forecast to grow 7 percent
The Cambodian economic growth will continue to reach about 7 percent annually over the next three years, according to the Global Economic Prospects report released by the World Bank on January 7.
A garment factory in Phnom Penh (Photo:Internet)This year’s projection for economic growth is about 6.9 percent, while that of 2017 and 2018 is forecast at about 6.8 percent.
According to economists, the country’s economic growth will decrease slightly compared to the robust growth of the past period, as the agricultural product prices will decline due to the impact created by the Trans-Pacific Partnership (TPP), of which Cambodia is not signatory.
However, the economy will continue to grow stably thanks to the maintenance of tourism and construction developments as well as the diversification in the farm produce processing.
At the beginning of this year, the National Bank of Cambodia forecast that the country’s economic growth will be affected sharply in the near future as the garment sector, one of the Cambodia’s economic pillars, will face competitiveness from those countries benefitting from the TPP agreement.
On the same day, Cambodian Prime Minister Hun Sen said that the country’s overall growth of 7 percent last year - was the result of stable growth in industry, services, and agriculture.-VNA
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