Illustrative image (Photo: National Bank of Cambodia)Phnom Penh (VNA) - The National Bank of Cambodia (NBC)'s Governor Chea Chanto has said that the global economic recovery will supportCambodia's export and investment sectors, reinforcing its position as a pillarof support for relevant sectors, to boost the national economy into positivegrowth and sow the seeds of an eventual rebound in tourism.
He said developed countries have continued to adopt fiscal and monetarystimulus measures and ramped up vaccination drives to support social welfareand economic activity.
However, the governor said, inequities in access to vaccines anddomestic issues have led to an uneven economic recovery, withdeveloped countries expected to recover faster than emerging and developingcountries. 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 measuresto prevent and reduce the spread of COVID-19 in the community and to implementa nationwide vaccination campaign as soon as possible. The measures package has step-by-step helped mitigate theeffects of the pandemic, especially in helping the poor, vulnerablepeople and priority sectors, he said.
The governor noted with consistent government policy, theNBC has implemented monetary stimulus packages and eased macro measures to meetthe financing needs of the economy and alleviate the burden of pandemic-hit cashstrapped customers.
The World Bank reports that the country’s growthprojection will hit 4 percent this year, however, the rate couldfall below 1 percent in the worst-case scenario./.
