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Cambodia’s unemployment rate lowest in Asean
The unemployment rate for Cambodia is expected to be at 0.31 percent this year, which is the lowest among all member states of the Association of Southeast Asian Nations (Asean), according to the Asean Information Center.
Laos is at the second place with a projected unemployment rate of one percent.
The unemployment rate of Myanmar is expected to be at 1.79 percent, Singapore (2.2 percent), Vietnam (2.46 percent), Malaysia (3.9 percent), Philippines (5.8 percent), Indonesia (5.83 percent) and Brunei (8.4 percent), the report said.
Hong Vannak, an economic analyst at Royal Academy of Cambodia, told Khmer Times that the figure is reliable.
Vannak added that Cambodia is one of developing countries that have created jobs for its people in production, domestic trade and export along with the government’s efforts in building international, bilateral and multilateral relations with different partners both regionally and globally.
“The relations are consistent with regional and global economic integration policy of our country and so we are not lonely. That’s why we have been opening door widely to do trade with the rest of the world, resulting in revenue generated from export and trade,” said Vannak.
Cambodia generated more than $2.2 billion of revenue from its international trade within the first five months of this year, a year-on-year increase of 20 percent. It indicates that domestic production has improved, driven by rising labour.
“This means that our people have a lot of jobs in production and commodities for export,” Vannak said, adding that as a developing country, Cambodia has been attractive for both local and foreign investors who have injected their money into many sectors including agriculture, industry, construction and tourism.
“Rising investment means creating jobs for people,” he said, adding that Cambodia has good geography and potential sectors especially agriculture and household businesses that can help generate extra income.
The free trade agreements are also contributing to job creation.
“This enables people’s jobs sustainable. For example, workers at garment factories still have continuous jobs. I believe the employment rate is really low for country,” Vannak added.
Source: https://www.khmertimeskh.com/501116561/cambodias-unemployment-rate-lowest-in-asean/