Cambodia’s economy grew 7.5 percent in 2018, driven largely by the rapid expansion of exports and ongoing construction boom, according to the World Bank’s Cambodia Economic Update, which was released on May 6.
Hanoi (VNA) – Cambodia’s economy grew 7.5 percent in2018, driven largely by the rapid expansion of exports and ongoing constructionboom, according to the World Bank’s Cambodia Economic Update, which was releasedon May 6.
Exports of garments, footwear and travel goods - which account for more thantwo-thirds of total merchandise exports - recorded a five-year high, rising by17.6 percent in 2018, up from 8.3 percent in 2017.
ౠ The construction, real estate, and tourism sectors accounted for about 60percent of total approved investment in 2018. To support the construction boom,manufacturing of building materials, furniture metals, and plastic productsalso increased rapidly.
Heightened uncertainty has, however, intensified risks, the WBsaid. “Improving investment climate andreducing the cost of doing business along with building skills for futureeconomy are key priorities to sustain strong growth in the medium term. Growingevidence highlights that investment in people are essential to drive economicprogress and sustainable development. Investing in people and improving thequality of Cambodia’s human capital should remain at the core of Cambodia’saspirations to reach an upper middle-income economy by 2030,” said Inguna Dobraja, World Bank Country Manager for Cambodia.
The report also calls for filling skills gaps and investing inhuman capital to underpin Cambodia’s long-term growth.
🐬 The CambodiaEconomic Update is a biannual report that provides up-to-dateinformation on short- and medium-term macroeconomic developments in Cambodia.-VNA
The Cambodian economy is expected to expand 7 percent in 2018, compared to 6.9 percent last year, underpinned by external demand and upbeat investor sentiment, a new World Bank (WB) report said on October 4.
Cambodia's economy is predicted to stay robust in the short and medium terms despite the uncertainty of preferential tariff system granted to the country by several trading partners, according to Cambodian Minister for Economy and Finance Aun Pornmoniroth.
Cambodia has announced that it will file a lawsuit against the EU to the European court after Brussels applied high tariffs on rice exported from the Southeast Asian country.
Cambodia’s economy is projected to expand 7 percent in 2019, lower than the rate of 7.5 percent recorded in the previous year as export moderate in line with a fall in global demand, according to the World Bank (WB)’s report.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Source: khmertimeskh.com) 
