Cambodian govt projects country's economy to grow at 5.4% in 2022

03 Aug '22

2 min read

Pic: Chormail | Dreamstime.com

The Cambodian ministry of economy and finance (MEF) in its mid-year assessment recently projected the country’s economy to grow at 5.4 per cent. This is less than the previous forecast of 5.6 per cent made at the beginning of the year. Cambodia’s public debt stands at $9.81 billion, with 68 per cent of it coming from bilateral developing partners (DPs) and 32 per cent from multilateral DPs.

“Our total external debt stands between 33 per cent and 35 per cent of the GDP [gross domestic product], which is still lower than the threshold of 40 per cent,” MEF spokesperson Meas Soksensan told a press conference.

“The war between Russia and Ukraine is creating issues such as high inflation due to the rising prices of oil and food items. The MEF will continue to monitor and evaluate the situation and put in place intervention measures in a timely manner,” he was quoted as saying by Cambodian media reports.

The MEF will continue its efforts to revitalise the economy through the implementation of the ‘Strategic Framework and Programme to Restore and Promote Cambodia’s Economic Growth’ as part of living in a new normal way with COVID-19 policy.

The government will also streamline public revenue management and step up tax revenue collection, he added.

ALCHEMPro News Desk (DS)

More Textiles News - Cambodia...