WB: Cambodia’s economic pillars unstable due to COVID-19
The World Bank (WB) warned on April 14 that the slow growth of Cambodia’s construction and real-estate sector, considered one of the country’s economic pillars, could negatively affect the country’s overall growth.
Phnom Penh (VNA) – The World Bank (WB) warned on April 14 that the slow growth of Cambodia’s construction and real-estate sector, consideredone of the country’s economic pillars, could negatively affect the country’soverall growth.
Along with otherfactors such as the COVID-19 pandemic and a sharp decrease in the numberof tourist arrivals, a decline in the property sector’s growth amiddifficulties in the financial market and an increasing dependence on China’sinvestment in the construction and real-estate sector have contributed toslowing down Cambodia’s economic growth.
The WB recommendedCambodia to carry out micro-economic measures carefully, such as restrictingconstruction loans and investment in real estate, and tightening lending interest ratesand values of loans, except for those who buy houses for the first time.
Regarding the garmentand textile sector, which has been one of the main driving forces of theCambodian economy for many years, the European Branded ClothingAlliance (EBCA) has submitted a petition to the European Union (EU) to postponethe withdrawal of the Everything but Arms (EBA) trade preference scheme forCambodia.
On February 12, the EuropeanCommission (EC) announced to revoke part of the EBA scheme for Cambodia. The EC’sdecision will become effective on August 12 and directly affect such productsas clothes, footwear and sugar, which are worth around 1.1 billion EUR (1.2billion USD), equivalent to 20 percent of Cambodia’s export turnover to the EU.
The GarmentManufacturers’ Association in Cambodia (GMAC) said that about 60 percent of thecountry’s factories are hit hard by the COVID-19 pandemic as their exportcontracts are cancelled. The pandemic has also affected 74 percent of labourers (around 750,000 people) working in the industry./.
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The Khmer-Vietnam Association in Phnom Penh provided hundreds of relief packs on April 14 to Cambodian-Vietnamese and Khmer people affected by COVID-19.
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Phnom Penh capital city (Source: VOD Archive) 
