Report: 1.76m local jobs at risk

[geovalin]

Cambodia will register its slowest growth since 1994, contracting by between -1 percent and -2.9 percent, putting at least 1.76 million jobs at risk, according to the latest World Bank’s economic report.

 

The report titled, “Economic Update for Cambodia in a time of COVID-19,” outlines that poverty in Cambodia could increase among households in key economic sectors of between 3 to 11 percent higher than current levels. With the country’s fiscal deficit possibly reaching its highest level in 22 years, public debt is expected to rise to 35 percent of gross domestic product by 2022.

 

“The collapse of growth drivers has hurt economic growth and put at least 1.76 million jobs at risks,” the report said. It also warns that capital inflows are tapering off, which in turn is triggering the easing of real estate market prices, likely ending the construction boom. With the current large outstanding credit to the construction, real estate, and mortgage sector, nonperforming loans could rise.

 

read more https://www.khmertimeskh.com/50728835/report-1-76m-local-jobs-at-risksreport-1-76-million-local-jobs-at-risk/