NBC projects growth rate of 4 percent for 2021

The National Bank of Cambodia (NBC) has forecast that the Kingdom’s estimated economic growth will be 4 per cent in 2021, according to its Macroeconomic and Banking Sector Update 2020 report. The prediction for positive economic growth is based on the efficacy of COVID-19 vaccines over the first half of the year.

During 2020, updates on the state of the nation’s economy, taking into account the devastation of the pandemic, had predicted an overall contraction of Cambodia’s economy of 1.9 percent. The latest NBC forecast is in line with international financial institutions’ predictions for Cambodia’s economic growth in 2021. Those figures range from 4 to 6.8 percent.

“The prediction depends solely on the efficacy of the vaccines, the speed in recovery of Cambodia’s economic partners and the strengthening of our domestic economic foundation,” the NBC said. It added that a continued strengthening in domestic economic activities will support and mitigate the impact on Cambodia’s economy from the slowdown of exports.

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