Cambodia projects economy to return to positive growth in 2021 – research

Cambodia projects economy to return to positive growth in 2021 – research

The Cambodian economy is expected to return to positive growth in 2021 after experiencing a contraction last year.

The ASEAN+3 Macroeconomic Research Office (AMRO) announced the expectation in a press statement on Thursday.

“In spite of the disruptions in domestic activity due to the recent lockdown, the Cambodian economy is projected to grow by four per cent in 2021, led by a robust recovery in manufacturing and supported by continued fiscal stimulus.

“The recent spike in community cases underscores the need for the government’s strong response to contain the pandemic and speed up the vaccination rollout to achieve herd immunity,’’ AMRO specialist, Seung Hyun Hong, said in the statement.

In 2020, growth was estimated to contract by three per cent as containment measures in Cambodia.

Its major trading partners and tourist markets weakened the country’s key growth drivers, Hong added.

The statement was issued after Hong, along with AMRO director, Toshinori Doi and Chief Economist, Hoe Ee Khor made virtual annual consultation with the Cambodian authorities from April 19 to May 4.

Cambodia logged 650 new COVID-19 cases on Thursday, pushing the national case tally to 17,621 with 114 deaths, the Ministry of Health said.

The Southeast Asian nation launched an anti-COVID-19 inoculation drive on Feb 10.

To date, more than 1.56 million out of the kingdom’s 16 million populations had been vaccinated against the virus, a government report said.

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