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Cambodia’s economic growth this year will receive impetus from global growth recovery and a rapid resumption in economic activity, and will be backed by the garment, tourism, agriculture and construction sectors, the National Bank of Cambodia (NBC) said. The growth is likely to be 5.3 per cent this year, higher than the estimated 3 per cent growth in 2021, it said.
The country’s economic growth would be facing high inflation following the increase in oil prices, NBC said in a report.
Cambodia’s economic growth this year will receive impetus from global growth recovery and rapid resumption in economic activity, and will be backed by the garment, tourism, agriculture and construction sectors, the National Bank of Cambodia said. The growth is likely to be 5.3 per cent this year, higher than the estimated 3 per cent growth in 2021, it said.
“The domestically favourable factors with the recovery of the global growth have boosted the country’s manufacturing product exports and supported activities in construction and real estate,” bank governor Chea Chanto was quoted as saying by Cambodian media reports.
The country exported $11,317 million worth of products in the first half of this year—up by 31 per cent from the same period last year, while imports rose by 4 per cent to $15,400 million.
“The strength of the banking system has played an important role in absorbing part of the impact of the COVID-19 crisis on the national economy and contributing to the sustainability of business activities, investment and consumption,” Chanto added.
Fibre2Fashion News Desk (DS)
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