MEF: In 2022, recovery in the construction industry is only expected to be 3%.

According to a recent report by the Ministry of Economy and Finance, there were 1,001 approved building projects in total during the first quarter of 2022, which is 6.1 percent fewer than during the same time last year (MEF).

Almost all forms of construction, including public construction, residential construction, villa construction, commercial construction, industrial construction, and tourism construction, experienced a drop.

According to the survey, in 2022, the construction industry is only predicted to recover by 3%.

The slow recovery was brought on by the adverse effects of the hazards to the world economy and the gradual return of foreign investment.

However, as evidenced by the expansion of credit given to the sector and the strict government policy in place to mitigate risks within it, the construction sector continues to be one with tremendous promise.

To simplify the application process for construction permits, the Ministry of Land Management, Urban Planning, and Construction has revised some of the code's provisions.

In spite of obstacles and economic uncertainties worldwide, the same analysis projects that the Cambodian economy would expand by 5.6 percent in 2022.

The slowdown in China's economy, tighter US monetary policy, the protracted Russia-Ukraine conflict, the appearance of new COVID-19 versions, a rise in oil prices, and high inflation all contributed to the global economic crisis.

Source: Compass Cambodia comprehensive arrangement

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