Cambodia’s GDP growth rate is projected to be 3% in 2021: Prime Minister Hun Sen

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Prime Minister Hun Sen is optimistic that Cambodia’s gross domestic product (GDP) will grow by about 3% this year, exceeding the 2.2% stated in the 2022 budget. The resumption of economic and social activities and the service sector are the main drivers of growth.

Secretary of State Fanfala of the Ministry of Economy and Finance said economic activity has begun to recover since the government reopened the country.

“Thanks to the vaccination campaign, herd immunity has been created, which has led to the resumption of economic and social activity, and the 2.4% GDP growth forecast may not be correct,” he said at a press conference. Told.

Prime Minister Hun Sen is optimistic that Cambodia will have a GDP growth rate of about 3% this year. This exceeds the 2.2% stated in the 2022 budget. Social activities and services are the main drivers of growth.

Exports of key products have been strong for the 11 months of the year, Fara said. The main drivers of GDP growth in 2021 are the garment sector, non-garment sector, agriculture sector, and real estate sector.

In the 11 months of 2021, clothing exports increased 13.6% from 10% in the same period last year. Exports of non-clothing increased by 53%, but exports of agricultural products increased significantly, he was reported to have said in a Cambodian media report.

Cambodia’s growth is projected to reach 4.5% in 2022, but new spreads of the virus could jeopardize recovery.

Fiber2Fashion News Desk (DS)

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Cambodia’s GDP growth rate is projected to be 3% in 2021: Prime Minister Hun Sen

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