Amid economic risks from the global coronavirus outbreak and the E.U.’s partial suspension of duty-free trade benefits, Prime Minister Hun Sen on Monday laid out measures aimed at shoring up the nation’s key tourism and garment sectors.
Possible E.U. trade sanctions, rising indebtedness and slowing foreign investment — which “peaked” last year — pose substantial risks to the Cambodian economy despite continuing strong growth, the World Bank said in its latest country update.
Cambodia needs to diversify exports and upskill its labor force, with productivity in its dominant garment export industry stagnating compared to competing economies in part because workers don’t have the “skills to attract higher-value FDI, nor do they have the means to acquire those skills,” according to a new World Bank report.
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