Global economic rebound to lift Cambodia’s export and investment

The National Bank of Cambodia (NBC)’s Governor Chea Chanto has said that the global economic recovery will support Cambodia’s export and investment sectors, reinforcing its position as a pillar of support for relevant sectors, to boost the national economy into positive growth and sow the seeds of an eventual rebound in tourism.

He said developed countries have continued to adopt fiscal and monetary stimulus measures and ramped up vaccination drives to support social welfare and economic activity.

However, the governor said, inequities in access to vaccines and domestic issues have led to an uneven economic recovery, with developed countries expected to recover faster than emerging and developing countries. The Cambodian economy, like the economies of developing countries, may also face a new wave of COVID-19, an increase in public and private debts, and an increase in inequality and poverty, Chanto said.

The government has put in place strict and timely measures to prevent and reduce the spread of COVID-19 in the community and to implement a nationwide vaccination campaign as soon as possible. The measures package has step-by-step helped mitigate the effects of the pandemic, especially in helping the poor, vulnerable people and priority sectors, he said.

The governor noted with consistent government policy, the NBC has implemented monetary stimulus packages and eased macro measures to meet the financing needs of the economy and alleviate the burden of pandemic-hit cash strapped customers.

The World Bank reports that the country’s growth projection will hit 4 percent this year, however, the rate could fall below 1 percent in the worst-case scenario. VNA