Cambodian Economy on a High in 2018

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Cambodian Economy on a High in 2018

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April 24, 2019 / 7:47 AM / Updated 3 hours ago
Cambodia's economy grew 7.5 percent in 2018, four-year high - World Bank
PHNOM PENH, April 24 (Reuters) - Cambodia’s economy grew 7.5 percent last year, a four-year high, compared with 7 percent in 2017, helped by rising exports to the United States, the World Bank said on Wednesday.

Economic growth will slip to 7 percent this year, 6.9 next year and 6.8 percent in 2021, the bank predicted.

The World Bank said growth accelerated last year due to the rapid increase of garment and footwear exports to the U.S., increasing by 17.6 percent compared with 8.3 percent in 2017.

“The key drivers are actually garment and footwear exports to the U.S. and the European Union,” World Bank senior economist Sodeth Ly told a news conference, adding that the U.S. market grew faster than the EU market last year.

Cambodia’s imports of motor vehicles and steels rose 50 percent and 48 percent, respectively, in 2018, the bank said.

In a statement, the bank said risks to growth have “intensified due to heightened uncertainty” over preferential access by Cambodia to European markets and a “potential sharp slowdown” in the Chinese economy.
https://www.reuters.com/article/cambodi ... SL3N22617T
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Re: Cambodian Economy on a High in 2018

Post by Duncan »

What Goes Up Must Come Down


Meaning:
Things that go up must eventually return to the earth due to gravity.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Cambodian Economy on a High in 2018

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Regional research office forecasts robust growth for Cambodia amidst rising external headwinds
Source: Xinhua| 2019-09-20 17:47:54|

PHNOM PENH, Sept. 20 (Xinhua) -- Cambodia's economy is predicted to continue its strong performance amidst rising external headwinds, the Singapore-based ASEAN (Association of Southeast Asian Nations)+3 Macroeconomic Research Office (AMRO) said in a press release on Friday.

"Following a stronger than expected growth of 7.5 percent in 2018, Cambodia's economy is projected to grow at a more sustainable pace of about 7.1 percent in 2019 and 2020, while inflation has remained relatively low and stable," AMRO lead specialist Seung Hyun Hong said in the press release after an AMRO's annual consultation visit to Cambodia from Sept. 10-18.

http://www.xinhuanet.com/english/2019-0 ... 412717.htm
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Re: Cambodian Economy on a High in 2018

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World Bank: Cambodia's Economic Growth in 2019 Remains Strong at 7%
12/10/19 22:54
Phnom Penh (FN), Oct. 10 – The World Bank, on 10 October 2019, released a report forecasting that Cambodia's economic growth in 2019 remains strong at 7 percent.

“The reported value of newly approved investment projects, which is financed by FDI and domestic funds, accelerated during the first half od 2019. Roughly 40 percent of FDI inflows comes from China,” the World Bank’s report said.

“The tourism sector remained resilient; international arrival growth accelerated to 11.2 percent in June 2019 compared to 10.7 percent in 2018, with almost 40 percent of international arrivals coming from China,” it continued.

Read the report below:
=FRESH NEWS
http://en.freshnewsasia.com/index.php/e ... 31-12.html
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Re: Cambodian Economy on a High in 2018

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ADB raises concern over credit in property sector
Oct. 1, 2019, 4:18 p.m.
The Asian Development Bank (ADB) regards the continued buildup of credit in Cambodia real estate and related businesses as a risk that could disrupt the country’s economic growth.

According to an ADB report from last Wednesday, the Cambodian economy remains on track and is expected to expand seven percent this year due to continued strength from traditional sectors such as garments, tourism, trade and construction.

However, ADB warned that growth could be disrupted if the European Union moves ahead with the suspension of the Everything But Arms (EBA) scheme which gives Cambodian goods duty-free access to the economic bloc. ADB also cited the buildup of credit in the real estate sector as a concerning factor.

“With increased uncertainty in the global trading environment and its impact on services such as tourism, Cambodia urgently needs a focused diversification strategy into niche and high-value products and services,” said ADB Country Director for Cambodia Sunniya Durrani-Jamal.

“This will require reducing risks emanating from lending to an overheated real estate sector, development of more skilled and productive workforce to justify rising wages, and attracting high-quality capital investment—all of which, in turn, need strong governance and institutions.”

Despite raising concerns over credit to the real estate sector, ADB did not cite any specific data related to the matter.

According to Credit Bureau Cambodia (CBC), outstanding mortgages hit $3.42 billion at the end of June, an increase of 30 percent from the same time last year. This sum, however, does not include developer-backed mortgages that are widespread in the Kingdom.
Sector will ‘reach a peak’

ADB isn’t the only body that has expressed concern. The National Bank of Cambodia (NBC) and the World Bank in Cambodia have noted the risks of credit surging beyond real demand.

The NBC issued a statement earlier this year stating that credit growth in the construction and real estate sectors was still high at around 31 percent.

Talking to journalists at a seminar earlier this year, World Bank senior economist Ly Sodet said that construction and real estate has always seen growth and contraction cycles.

“When it reaches a peak, it will fall. Nobody knows exactly when this will be, and for now, real estate and construction prices are also growing, making more bank loans available. This increases risk, so protecting the health of the financial sector is vital to prevent economic problems,” he said.
https://www.realestate.com.kh/news/asia ... ty-sector/
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Re: Cambodian Economy on a High in 2018

Post by SternAAlbifrons »

I would like to see a break down of that 7% growth, into the various sectors.
If the 30% increase in real estate lending has a significant weighting in the total GDP growth, it must mean the more productive sectors are not growing as much.

This was an interesting quote from the local ADB rep;
“This will require reducing risks emanating from lending to an overheated real estate sector, development of more skilled and productive workforce to justify rising wages, and attracting high-quality capital investment—all of which, in turn, need strong governance and institutions. Interesting to see"

Interesting indeed.
The classic, cynical old expat view of course, is that Cambodia is not up to this transition.
But I wonder....
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Re: Cambodian Economy on a High in 2018

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Latest IMF report:
IMF Staff Completes 2019 Article IV Mission to Cambodia
October 11, 2019
https://www.imf.org/en/News/Articles/20 ... o-cambodia
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Re: Cambodian Economy on a High in 2018

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October 25, 2019
Cambodia’s ranking in World Bank index drops once again
It is not all good news for Cambodia on the economic front.

The latest release of the World Bank’s ease of doing business index puts Cambodia in the 144th spot out of 190 countries, a drop of six places from a year ago.

The 2019 ease of doing business index ranked the Kingdom 138th out of 190 nations. Before that, Cambodia sat in the 131st spot, meaning the Kingdom’s ranking has steadily declined in the last few years despite the government’s efforts to make it easier for foreign businesses to invest here.

The 2020 ease of business ranking is based on 10 key factors, including the ease of starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.
https://www.khmertimeskh.com/50654359/c ... nce-again/
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Re: Cambodian Economy on a High in 2018

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Great read!


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Re: Cambodian Economy on a High in 2018

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WB hails Cambodia’s economic growth
Cambodia has succeeded in implementing an effective FDI-led development strategy, achieving 7 percent in GDP growth rates accompanied by rapidly falling poverty rate, according to the World Bank (WB).
VNA Wednesday, November 20, 2019 16:42

Phnom Penh (VNA) – Cambodia has succeeded in implementing an effective FDI-led development strategy, achieving 7 percent in GDP growth rates accompanied by rapidly falling poverty rate, according to the World Bank (WB).

In its latest report “Cambodia’s Future Jobs: Linking to the Economy of Tomorrow”, the bank also warned the country about existing problems.

It said although Cambodia’s current economic model is still delivering good new jobs, its success may be slowing down. About 80 percent of Cambodians aged 15 or older are working; however, 94 percent of the available jobs are in low-skilled occupations while managers and professionals account for less than 5 percent of all jobs.

WB Country Manager for Cambodia Inguna Dobraja said that the number of jobs in Cambodia grew by an average 12 percent each year during 2010-2015, a third of which were generated by foreign companies.
https://en.vietnamplus.vn/wb-hails-camb ... 164031.vnp
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