World Bank Projects Sharp Economic Contraction, Rising Poverty and Joblessness

The World Bank presented a bleak outlook for Cambodia’s economic prospects on Friday, with its annual update for the country projecting a growth rate of between negative 1.0 percent and negative 2.9 percent, the worst slowdown, it said, since 1994.

The development bank’s annual Cambodia Economic Update was released on Friday. It projected that the coronavirus pandemic-induced slowdown had affected three of Cambodia’s economic engines – tourism, manufacturing exports, and FDI inflows. The three sectors account for 70 percent of growth and 40 percent of paid employment.

“The global epidemiological and economic crisis unleashed by COVID-19 poses the greatest threat to Cambodia’s development in its 30 years of modern history,” reads the first sentence of the report.

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