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The World Bank claims that Cambodia's economy continues to grow strongly

2019-05-10
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Summary:The World Bank has forecast that Cambodia's economy will continue to maintain a steady growth, driven largely by the rapid expansion of exports and the continued growth of the construction sector. The World Bank (WB) this morning.

The World Bank has forecast that Cambodia's economy will continue to maintain a steady growth, driven largely by the rapid expansion of exports and the continued growth of the construction sector. The World Bank (WB) this morning.

According to the bank's report, Cambodia achieved 7.5 percent growth in 2018, a better-than-expected growth rate. Exports of garments, footwear and travel goods account for more than two-thirds of exports, a five-year high growth record, with a 17.6 percent increase in exports, the World Bank said. 2018, compared with 8.3 percent in 2017.
The World Bank recently forecast that Cambodia's economy would grow 6.8 percent more in this year.
The total construction, real estate and tourism sectors accounted for 60 percent of the total number of projects approved in 2018, the report said. Manufacturing, construction, metal, furniture, and smith products have also been rising rapidly to support the growth of the construction sector.
However, the continuing uncertainties have increased the risk, according to the World Bank. Currently, the EU market (including the United Kingdom) accounts for more than one-third of the country's total exports, especially garments, footwear and bicycles.
"Enhancing the investment environment and reducing costs of doing business and building skills for the future of the economy are the top priority for Cambodia," said Ms. Eugene , the World Bank's Country Manager for Cambodia. Keep growing in the medium term ". "Evidence points out that investing in people is vital to promoting economic progress and sustainable development," she said. Investment to the people and the improvement of the quality of Cambodia's human capital should continue to be at the heart of Cambodia's aspirations to reach a high-middle-income economy in 2030, "he said.
The report also called for a lack of skills and investment in human capital to provide the foundation for Cambodia's long-term growth. Increasing the size and efficiency of these investments from both individuals and the public and private sectors can help ensure that Cambodian children have a good start to the future by providing them the basics they need to take maximum from Education and skills development throughout in full their life.This news from propertyarea.asia


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