Prime Minister Hun Sen has expressed optimism that Cambodia will see around 3 per cent gross domestic product (GDP) growth this year, more than the 2.2 per cent rate mentioned in the Budget Bill 2022. Inaugurating the Hyatt Regency hotel at Phnom Penh, he said the restarting of economic and social activities and the service sector are the main factors boosting the growth.

Ministry of economy and finance secretary of state Phan Phalla said economic activities have started recovering since the government reopened the country.

“Because of the vaccination campaign, herd immunity has been made. This has led to the reopening of economic and social activities and the projection of GDP growth of 2.4 percent may be not right,” he told a press conference.

Prime Minister Hun Sen has expressed optimism that Cambodia will see around 3 per cent GDP growth this year, more than the 2.2 per cent rate mentioned in the Budget Bill 2022. Inaugurating the Hyatt Regency hotel at Phnom Penh, he said the restarting of economic and social activities and the service sector are the main factors boosting the growth.

The exports of main products in the eleven months this year were on the strong path, Phalla said. The main drivers of GDP growth in 2021 are the garment sector, non-garment sector, agriculture sector, and real estate sector.

In the eleven months of 2021, garment export increased by 13.6 per cent compared to 10 per cent during the same period last year; non-garment products export increased by 53 per cent, while agriculture products export increased remarkably, he was quoted as saying by Cambodian media reports.

Cambodia’s growth is projected to reach 4.5 per cent in 2022, but any renewed spread of the virus could put recovery at risk.

Fibre2Fashion News Desk (DS)