Cambodia's economy is likely to expand 6.9 percent this year, a slight increase as compared with the growth rate of 6.8 percent in 2017, mainly thanks to a recovery in textiles and garment exports, tourism and agricultural sectors (Source: Angkor Focus Travel) Hanoi (VNA) – Cambodia's economy is likely to expand 6.9 percentthis year, a slight increase as compared with the growth rate of 6.8 percent in2017, mainly thanks to a recovery in textiles and garment exports, tourism andagricultural sectors, the World Bank (WB) said.
The WB’s latest report released on May 10 also forecast that the country’seconomic growth rate will drop to 6.7 percent in 2019, partly due to risksrelated to potential uncertainty caused by the upcoming general elections scheduledto take place on July 29, 2018.
According to the WB, Cambodia, one of the globe’s top garment producers,has been the sixth fastest-growing economy in the world over the past twodecades, with average GDP growth rate of 7.6 percent largely due to garmentexports.
Supported by recovering global demand, Cambodia's textile-garment sectorrebounded during the second half of last year, exporting 7.2 billion USD worthof products, a 7.7 percent growth, slightly below 8.4 percent recorded in 2016.
To maintain strong growth, Cambodia needs to invests more in educationand skills training, while addressing the constraints facing small- and medium-sizedenterprises, said Inguna Dobraja, WB Country Manager for Cambodia.
The WB also recommended that Cambodian authorities closely monitor aconstruction and real estate boom by developing policies that help to reducespeculative activity in the sector.-VNA
The WB’s latest report released on May 10 also forecast that the country’seconomic growth rate will drop to 6.7 percent in 2019, partly due to risksrelated to potential uncertainty caused by the upcoming general elections scheduledto take place on July 29, 2018.
According to the WB, Cambodia, one of the globe’s top garment producers,has been the sixth fastest-growing economy in the world over the past twodecades, with average GDP growth rate of 7.6 percent largely due to garmentexports.
Supported by recovering global demand, Cambodia's textile-garment sectorrebounded during the second half of last year, exporting 7.2 billion USD worthof products, a 7.7 percent growth, slightly below 8.4 percent recorded in 2016.
To maintain strong growth, Cambodia needs to invests more in educationand skills training, while addressing the constraints facing small- and medium-sizedenterprises, said Inguna Dobraja, WB Country Manager for Cambodia.
The WB also recommended that Cambodian authorities closely monitor aconstruction and real estate boom by developing policies that help to reducespeculative activity in the sector.-VNA
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