WB upbeat about Cambodia’ economic growth
Cambodia’s economy is forecast to grow 6.9 percent next year, higher than a projected 6.8 percent increase in 2017, despite risks including uncertainties over the 2018 elections, the World Bank (WB) said on November 22.
Cambodia’s economy is forecast to grow 6.9 percent next year. (Photo: investasia.com)Phnom Penh (VNA) – Cambodia’s economy is forecast to grow 6.9 percent next year, higher than a projected 6.8 percent increase in 2017, despite risks including uncertainties over the 2018 elections, the World Bank (WB) said on November 22.
The country’s economic growth has hovered around 7 percent for the past six years.
The WB said textile exports moderated and construction sector showed signs of slowing down; however, manufacturing exports increased and Cambodia drew more tourists, particularly those from China.
Outlook for Cambodia’s economic growth remains positive, but a possible slowdown of the regional economy, especially China, and potential election-related uncertainties pose downsizing risks, the WB said.
The same day, Prime Minister Hun Sen affirmed that the politics is stable after the dissolution of the main opposition Cambodia National Rescue Party (CNRP).
He stated that exports of garments and leather shoes have not been affected after the opposition party’s dissolution.
Garment-textile and footwear, key exports of the country, are shipped mostly to the EU and the US and create jobs for 754,000 labourers. They also contributed 74 percent of the nation’s export revenue in 2016.-VNA
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