Central Bank Optimistic Over 7% Economic Growth

Cambodia’s central bank said that global economic uncertainty, particularly the slower growth of China, affected economic growth this year, however the bank is still optimistic growth will be about seven percent. Chea Chanto, the governor of the National Bank of Cambodia (NBC), said in the bank’s quarterly report last week that the global economy continued to recover at a slow pace over the first half of the year.
 

He said the slow recovery was partially a result of the economic slowdown in Asia, especially in China, but that many advanced economies were gradually recovering. “Slower growth of the global economy in the first half of the year was due to uncertainty in the rise in interest rates by the US Federal Reserve, Brexit, the deterioration of China’s economy and global financial uncertainty,” he said.
 

“Cambodia’s economy was also affected by global uncertainty which caused a decline in growth of the tourism sector. However the garment, property and construction sectors continued growing in the first half of 2016,” he added. “For the next period of time, growth is expected to be firm backed by the garment, property and construction sectors. The agricultural sector is expected to recover along with the global economy and normalization of the weather.”

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