Cambodia’s economic growth in 2021 is projected to reach around 3 percent thanks to the strong export of agricultural and industrial products, especially the country’s reopening post COVID-19.
At the ground-breaking ceremony for the upgrading of National Road 48 on January 3.(Photo: Khmer Times)
Phnom Penh (VNA) - Cambodia’s economicgrowth in 2021 is projected to reach around 3 percent thanks to the strongexport of agricultural and industrial products, especially the country’sreopening post COVID-19.
The projection was made by Prime Minister Hun Sen whileaddressing a ground-breaking ceremony for the upgrading of National Road 48 on January3.
“The final projection of the economic growth will bemade in the next three months, but at least it will reach around 3 percent,” HunSen said, as cited by Khmer Times.
The PM’s GDP forecast is higher than the growth ratesof 2.4 percent for 2021 and 4 percent for 2022, mentioned by the Ministry ofEconomy and Finance in the budget bill 2022, which has been endorsed recently.
Phan Phalla, Secretary of State at the Ministry ofEconomy and Finance, said the decision to resume economic and social activitiesfrom early November would make the GDP growth projection of 2.4 percent wrong.
Between January and September, Cambodia’s total export(excluding gold) reached 12,688 million USD, a year-on-year rise of 23 percent,driven by garments, bikes and other goods.
In its report on ‘Macroeconomic and Banking Progressin 2021 and Outlook 2022’, the National Bank of Cambodia forecast that the economywill continue to grow 5 percent in 2022 thanks to the export of garments andnon-garment products, electronic components and bicycles./.
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Cambodia exported 7.98 million tonnes of agricultural products in 2021, up 63.8 percent year-on-year, raking in nearly 5 billion USD, according to Minister of Agriculture, Forestry and Fisheries Veng Sakhon.
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At the ground-breaking ceremony for the upgrading of National Road 48 on January 3.(Photo: Khmer Times) 
