The World Bank recently projected Cambodia’s economic growth at 2.2 per cent for 2021, impeded by slow growth in services. The traditional growth drivers—the garment, travel goods, footwear and bicycle industries, as well as agriculture—are underpinning the economic recovery, according to ‘Living with COVID-19’, the bank’s latest economic update for Cambodia.
Despite recovery in manufacturing exports and expansion of agricultural commodity exports, the trade deficit has significantly widened due to rising imports of a few items, especially gold, used for savings, the report said.
“As we all know, Cambodia is now living with COVID-19 and very large numbers of populations have been vaccinated and the government began reopening the country for business, while continuing to enforce protective health measures,” said World Bank country manager for Cambodia Maryam Salim in a press release.
