Compass Real Estate > Cambodia Real Estate Information > Not only tourism but also these industries affected by The Coronavirus

Not only tourism but also these industries affected by The Coronavirus

2020-02-11
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Summary:Due to the impact of the Novel Coronavirus pneumonia, Cambodia's transportation, manufacturing, and import and export trade have been affected to varying degrees.

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At the beginning of 2020, Coronavirus spread rapidly in China. The outbreak of this Coronavirus has not only seriously harmed the people's physical health, but also affected China's economic growth, and even overseas countries. 

As a country highly dependent on Chinese capital, Cambodia's various industries and industries have been affected to varying degrees during the Coronavirus incident.

The tourism industry is the first one. During the Spring Festival this year, tourists visiting Angkor Wat in Siem Reap fell by more than 50% year-on-year, only about 50,000 tourists. Second, the service industry was hit hard, the catering, hotel, and retail industries were severely impacted, and revenue and turnover plummeted. At the same time, Cambodia's transportation, manufacturing, and import and export trades have also been affected to varying degrees.

According to recent reports by Cambodian media, these industries have been impacted:

1. Some factories in Cambodia may be temporarily closed or laid off. A spokesman for the Cambodian government, Pasipan, said that due to the Novel Coronavirus pneumonia, a large number of Chinese enterprises have been suspended since the Spring Festival. A large number of factories in Cambodia cannot import materials from China. The shortage of materials has caused heavy losses to Cambodian factories. In the future, 10% of garment factories may face closure.

2. Cambodia's rice exports fell sharply in January. The Secretary General of the Cambodian Rice Federation, Lun Yang said that Cambodia exported 50,450 tons of rice to the international market in January, valued at 39 million US dollars, a year-on-year decrease of 15.39%. China has been the main market for Cambodian rice exports, but affected by the Novel Coronavirus pneumonia, rice exports to China in January fell by 20% year-on-year.

3. Cambodia has reduced the number of tricycles. Em Sombat,chairman of the Cambodian Human Tricycle Association, recently stated that the current sluggish tourism industry has caused Cambodia's human tricycles to lose many international customers, leading to the crisis of disappearance of traditional industries and a sharp reduction in the number of tricycles.

4.The construction industry in 2020 ushers in a cooling period.. State Secretary of the Ministry of Finance and Economics said that the development of Cambodia's construction industry will slow down in 2020, and the growth rate may face decline. The reason is the impact of the global economic slowdown and the Novel Coronavirus pneumonia on tourism and trade.

5. Cambodia domestic travel packages “50% off” to attract customers.Affected by the Novel Coronavirus pneumonia, Cambodia’ domestic tourism package service fee will be reduced by about 40%, in order to promote and attract more domestic and foreign tourists to travel and sightseeing, especially Cambodian cultural tourist attractions, historical tourist attractions and various ecological tourist attractions.

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The Novel Coronavirus pneumonia has brought new challenges and risks to the global economy and also affected Cambodia's economic development. The Ministry of Finance and Economics of Cambodia recently stated that the GDP growth rate will slow down in 2020, and the actual growth rate is expected to be 6.1% this year, change from the previously expected 6.5%.

The potential risks of economic downturn have put pressure on the Cambodian government. In this term, the Cambodian government will take fix measures. Prime Minister Hun Sen pointed out through his official Facebook on February 10 that the internal economic reform and increasing external investment will promote and strengthen the national economic development. The Cambodian government will carry out in-depth reforms to reduce the cost of products so that all Cambodian businesses can obtain operating profits and have the ability to pay taxes, turning the challenges facing the economy into opportunities and potential.

At present, the specific new policy plan has not yet been issued, and the Cambodian government will follow up with the announcement. However, we believe that Cambodia's easing investment environment will remain unchanged in 2020, preferential incentives for Chinese companies will continue to increase, and the Cambodian investment market will remain strong and continue to shine.

 


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