Cambodia’s economy grew 7.5 percent in 2018, driven largely by the rapid expansion of exports and ongoing construction boom, according to the World Bank’s Cambodia Economic Update, which was released on May 6.
Hanoi (VNA) – Cambodia’s economy grew 7.5 percent in2018, driven largely by the rapid expansion of exports and ongoing constructionboom, according to the World Bank’s Cambodia Economic Update, which was releasedon May 6.
Exports of garments, footwear and travel goods - which account for more thantwo-thirds of total merchandise exports - recorded a five-year high, rising by17.6 percent in 2018, up from 8.3 percent in 2017.
The construction, real estate, and tourism sectors accounted for about 60percent of total approved investment in 2018. To support the construction boom,manufacturing of building materials, furniture metals, and plastic productsalso increased rapidly.
Heightened uncertainty has, however, intensified risks, the WBsaid.
“Improving investment climate andreducing the cost of doing business along with building skills for futureeconomy are key priorities to sustain strong growth in the medium term. Growingevidence highlights that investment in people are essential to drive economicprogress and sustainable development. Investing in people and improving thequality of Cambodia’s human capital should remain at the core of Cambodia’saspirations to reach an upper middle-income economy by 2030,” said Inguna Dobraja, World Bank Country Manager for Cambodia.
The report also calls for filling skills gaps and investing inhuman capital to underpin Cambodia’s long-term growth.
The CambodiaEconomic Update is a biannual report that provides up-to-dateinformation on short- and medium-term macroeconomic developments in Cambodia.-VNA
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Illustrative image (Source: khmertimeskh.com) 
