WB: Cambodia’s economy to slow down due to COVID-19

Cambodia’s economic growth is projected to slow sharply to 2.5 percent in 2020 due to the impact of the COVID-19 outbreak, according to a World Bank’s report released on March 31.

After consecutively attaining an economic growth of 7.1 percent in recent years, the bank’s East Asia and Pacific Economic Update said the outbreak caused sharp decelerations in most of Cambodia’s main engines of growth in the first quarter of 2020, including weakened tourism and construction activity.

“Real growth is projected to slow sharply to 2.5 percent in 2020, but the growth rate will recover to 5.9 percent in 2021 under the baseline scenario,” said the report. It added that the unprecedented global shock triggered by the pandemic has significantly affected the country’s economy in all its major sectors: agriculture, tourism, garments, textiles and construction”.

In full: https://en.vietnamplus.vn/wb-cambodias-economy-to-slow-down-due-to-covid19/171090.vnp

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