In Cambodia (Photo: Internet)Phnom Penh (VNA) - The National Bank of Cambodia (NBC) saidthe Kingdom’s economic growth stagnated in the first half ofthe year due to the impact of the COVID-19 pandemic and forecast that the country’s GDP would contract 1.9 percent thisyear.
NBC governor CheaChanto said key pillars of Cambodia’s economy such as tourism and manufacturing were not spared the sweeping impact of thepandemic.
However, he added that the agricultural sector saw slight increases while the financial sector alsoenjoyed gains.
In its Semi-Annual Report 2020 releasedon July 8, the NBC said the tourism sector was the worst affected of all major economicsectors as international arrivals took a sharp 55 percent plunge in the firsthalf of this year on a yearly basis.
The manufacturing sector also contracted 11 percentyear-on-year due to disruptions tightening basic raw material supply, the NBCsaid.
The export-oriented manufacturingindustry dipped 12.5 percent, and garments were down 10 percent.
But production for thedomestic market added 13.2 percent, propped up by the rise in local consumption.
Agricultural output increasedby 21.7 percent year-on-year owing to expanded cultivation area and a drop innatural disasters, the NBC said.
Cambodia’s economy is expected grow negatively in 2020, at thelowest rate since 1995, according to Chanto.
Cambodia will be set to makea V-shaped economic recovery next year if the novel coronavirus can becontained by the end of the year, he said./.
