WB: Cambodia's economy to moderate to 7 percent this year
Cambodia's economy is projected to moderate to 7 percent in 2019 after experiencing a better-than-expected growth rate of 7.5 percent in 2018, the World Bank (WB) said in its new report released on October 10.
Phnom Penh (VNA) - Cambodia'seconomy is projected to moderate to 7 percent in 2019 after experiencing a better-than-expectedgrowth rate of 7.5 percent in 2018, the World Bank (WB) said in its new reportreleased on October 10.
The country’s growth relies heavily ongarment and footwear exports, tourism, construction and real estate, andagriculture, according to the report.
While remaining strong, export performanceeased slightly, however, bustling construction activity continues, the WB’ssenior country economist Sodeth Ly said during a press conference in Phnom Penhon the launch of the bank's Cambodia Economic Update report.
According to the report, garment and footwearexports, accounting for about 70 percent of total merchandise exports, grew at17.7 percent in 2018, but eased slightly to 15.3 percent year-on-year in June2019.
Cambodia’s exports to the European Union (EU) totaled 4.77 billion EUR (5.3billion USD) last year. Most of the Cambodian products sold to the EU were garment,footwear, travel goods and rice.
Bustling construction activity hascontinued, reflecting sustained appetite for investment. As a result, importgrowth of steel skyrocketed to 63.5 percent year-on-year in volume terms.
It said the tourism sector remainedresilient, as international arrival growth accelerated to 11.2 percentyear-on-year in June 2019 compared to 10.7 percent in 2018, with almost 40percent of international arrivals coming from China./.
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Illustrative image (Source: Angkor Focus Travel) 
