The World Bank projected 4 percent GDP growth for Cambodia this year as the region starts to recover from the global pandemic-induced economic downturn, but noted continuing issues with the country’s tourism- and garment-driven economy as well as a high risk of lasting income inequality.
The World Bank points to a rise in some agricultural and non-garments manufacturing exports this year despite a pandemic-induced economic downturn as it forecasts that Cambodia will be back to economic growth next year.
Economists say the standardizing of regulations in 15 countries that signed a regional free-trade deal could make it attractive for companies to operate in or relocate to low-cost countries like Cambodia.
Following aggressive expansion by the country’s delivery services, a number of drivers speak of fast-dropping delivery fees, which some say have fallen to a third of what they once got; uncertainty over worker benefits; and a lack of collective representation.
About 16,000 factory workers are currently unable to go to work due to flooding in Phnom Penh and the provinces of Kandal and Takeo, the Labor Ministry said on Wednesday, with an economist warning of a hit to the economy and rising prices due to the recent extreme weather.
The Asian Development Bank on Tuesday revised Cambodia’s expected economic contraction this year from 5.5 percent to 4 percent, noting growth in non-garment exports thanks in part to demand for work-from-home electronics.
The government must ensure the Cambodia-China Free Trade Agreement has the nation’s and the people’s interests at heart, and both improves the country’s economic competitiveness and garners Chinese investment that produces local jobs.
During the rainy season, rising waters in the rice fields surrounding Takeo’s Koh Andet district provide an ample supply of rodents. As the global economic downturn leaves many jobless, some are turning to catching and exporting rats to make ends meet.
Prime Minister Hun Sen has touted Cambodia’s “strong” agricultural sector as a solution to economic pressures during the global pandemic, though some observers doubt agriculture could make up for garment sector losses due to Covid-19 and the pending withdrawal of some E.U. trade perks.
Prime Minister Hun Sen on Monday said the government would distribute about $25 million per month to assist families registered in the IDPoor social benefits system as the country struggles through the pandemic-driven economic downturn.
Phnom Penh City Hall has told businesses to stop selling alcoholic beverages, just days before the Khmer New Year and after Cambodia recorded its single highest daily tally of Covid-19 infections on Friday.
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