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National Bank of Cambodia (NBC) has forecast that the Kingdom’s estimated economic growth will be 4 per cent in 2021. This is in line with international financial institutions’ predictions for Cambodia’s economic growth in 2021. Figures range from 4 to 6.8 percent.
According to NBC, the prediction depends solely on the efficacy of the vaccines, the speed in recovery of Cambodia’s economic partners and strengthening of their domestic economic foundation.
It added that a continuous strong domestic economic activity would support and mitigate the impact on Cambodia’s economy from the slowdown of exports. The implementation of government policy promoting the development of small and medium enterprises, boosting innovation, and the use of technology in all sectors will be significant in strengthening domestic growth.
The central bank said agriculture would be the sector with the highest potential to offset unemployment and support the livelihoods of the poor. It also identified that speeding up economic diversification and its implementation throughout the industrial sector would help the country’s economy speedy recovery from the current crisis.
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