Cambodia's growth to reach 2.2 per cent this year, 4.5 per cent in 2021, says World Bank

PHNOM PENH, Dec. 9 (Xinhua): Cambodia's economic growth is projected to reach 2.2 percent in 2021, impeded by slow growth in services including tourism, and in construction and real estate, the World Bank said in a press release on Thursday.

Other traditional growth drivers, especially the garment, travel goods, footwear, and bicycle manufacturing industries, as well as agriculture, are underpinning the economic recovery, the bank said.

Despite the recovery in manufacturing exports and expansion of agricultural commodity exports, the trade deficit has widened significantly, it said, adding that this was caused by rising imports of a few items, especially gold, used for savings.

"As we all know, Cambodia is now living with Covid-19 and a very large number of populations have been vaccinated and the government began reopening the country for business, while continuing to enforce protective health measures," said Maryam Salim, World Bank country manager for Cambodia.

"At the World Bank, we are preparing a Performance and Learning Review that will allow us to further strengthen and align our partnership with Cambodia as the country strives to achieve a resilient recovery from the impact of the Covid-19 pandemic," she said.

Cambodia's growth outlook is expected to continue to recover as Covid-19-related restrictions are lifted, the bank said, adding that growth is projected to reach 4.5 percent in 2022. - Xinhua