Cambodia forecasts economic contraction of 1.9 percent this year

Cambodian Prime Minister Hun Sen recently predicted that the country’s economy may contract 1.9 percent this year due to the COVID-19 pandemic.

In a circular on budget planning for 2021-2023, he said Cambodia has recorded a strong fall in demand from its trading partners.

Its growth heavily relies on garment and footwear exports, tourism, construction and real estate, and agriculture. However, garment and footwear exports and tourism have been hit the hardest by the coronavirus outbreak.

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