Phnom Penh (FN), Jan. 22 – Cambodian Prime Minister Hun Sen called for joint efforts to boost economic recovery, and support three million vulnerable citizens, speaking at the inauguration of the "Techo Sen Public Works and Transport" building on Friday morning.

"Cambodia's economy expects to grow by almost 4% [...] we need joint efforts to stimulate economic growth, and support nearly three million the vulnerable and the jobless," said the premier.

"Although Cambodia's economic growth in 2020 was negative, it's not too bad. We used to suffer worse from the global financial crisis in 2008 and post years," he added.

Premier Hun Sen recalled that Cambodia economic growth rate was 13.3 percent in 2005, 12 percent in 2006, and 11 percent in 2007, but due to global financial crisis, Cambodia’s economy fell to 6.8 percent, and 0.5 percent in 2009.

The economy is projected to contract by 2 percent in 2020, but is expected to bounce back and grow by 4 percent in 2021, according to Restrained Recovery, the World Bank’s latest economic update for Cambodia, published in mid-December 2020.

FDI inflows to projects in non-garment industries and agriculture have been rising, likely attracted by Free Trade Agreements, according to the report.

For quick recovery from the pandemic, the report recommends boosting pro-poor and growth-enhancing public investment including cash-for-work projects, while promoting labor-intensive sectors to generate jobs by taking advantage of the quick recovery of domestic demand for consumer goods. It also notes the opportunities to facilitate an expansion of domestic and foreign investment arising from recent bilateral and regional free trade agreements, including the Cambodia-China Free Trade Agreement and Regional Comprehensive Economic Partnership (RCEP).
=FRESH NEWS