A boat travels along the Mekong river as high-rise buildings are seen in the distance in Cambodia's Phnom Penh city (Photo: AFP)Phnom Penh (VNA) - Cambodia is afast-growing country in a slowing world, the World Bank (WB) said in its latestreport.
According to the bank, although Cambodia’s growth is projected to slide to 7 percent, the countryhas remained a fast-growing economy in East Asia-Pacific.
Furthermore, itsexport growth has continued to stay high despite a slight decrease due tofalling external demand.
In the sphereof garment and footwear, the US has emerged as a more important market forCambodian exports that increased 23.2 percent in 2018 as compared with the 21.4percent in 2017.
Meanwhile, thecountry’s total export value to the European Union (EU) surged 31.4 percent in2018.
Claire Hollweg,a senior economist for Cambodia, pointed out that the country’s constructionactivities are ongoing thanks to upbeat domestic demand and the tidal wave ofinvestment.
The tourismsector has also experienced an expansion. However, tourism in Siem Reap will needa boost as the province is experiencing a drop in the number of holidaymakers.
Unfavourableweather conditions have also affected rice productivity. The livestock sector(cows, buffaloes and pigs) dropped 6.3 percent while the poultry sector(chicken and ducks) saw a rise of 5.3 percent in 2018.
The WB has forecastthat in 2020, Cambodia’s economy will remain strong thanks to high foreignreserves and government savings of more than 20 percent of gross domesticproduct (GDP).
The report,however, also points out a slowdown in such spheres as construction, garmentand tourism this year./.
VNA
