The National Bank of Cambodia (NBC) said the Kingdom’s economic growth stagnated in the first half of the year due to the impact of the COVID-19 pandemic and forecast that the country’s GDP would contract 1.9 percent this year.
Phnom Penh (VNA) - The National Bank of Cambodia (NBC) saidthe Kingdom’s economic growth stagnated in the first half ofthe year due to the impact of the COVID-19 pandemic and forecast that the♎ country’s GDP would contract 1.9 percent thisyear.
NBC governor CheaChanto said key pillars of Cambodia’s economy such as tourism and manufacturing were not spared the sweeping impact of thepandemic. However, he added that the agricultural sector saw slight increases while the financial sector alsoenjoyed gains.
In its Semi-Annual Report 2020 releasedon July 8, the NBC said the tourism sector was the worst affected of all major economicsectors as international arrivals took a sharp 55 percent plunge in the firsthalf of this year on a yearly basis.
The manufacturing sector also cont🎃racted 11 percentyear-on-year due to di🍃sruptions tightening basic raw material supply, the NBCsaid.
The export-oriented manufacturingindustry dipped 12.5 percent, and garments were down 10 percent. But production for thedomestic market added 13.2 percent, propped up by the rise in local consumption. Agricultural output increasedby 21.7 percent year-on-year owing to expanded cultivation area and a drop innatural disasters, the NBC said. Cambodia’s economy is expected grow negatively in 2020, at thelowest rate since 1995, according to Chanto. Cambodia will be set to makea V-shaped economic recovery next year if the novel coronavirus can becontained by the end of the year, he said./.
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.
Cambodia attracted a total of 3.84 billion USD worth of construction investment in the first half of 2020, up 13 percent from the 3.39 billion USD recorded in the same period last year.
Cambodia earned 3.7 billion USD from the export of garment products, including clothes, footwear, and travel goods –in the first half of this year, down 5 percent compared to the same period last year, according to Cambodian news agency AKP.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
In Cambodia (Photo: Internet) 
