Cambodia’s economy projected to grow 6.1 percent in 2020
The Cambodian economy is projected to expand 6.1 percent this year, lower than the growth rate of 7.1 percent recorded in 2018, due to external headwinds, said Secretary of State of Cambodia’s Ministry of Economy and Finance Vongsey Vissoth on January 30.
A boat travels along the Mekong river as high-rise buildings are seen in the distance in Phnom Penh, Cambodia (Photo: AFP)
The country’s garment-textile exports, tourism development and construction sector may be adversely affected if the European Union (EU) suspends the Everything but Arms (EBA) deal with Cambodia, he added.
The EU started the 18-month process that could lead to the temporary suspension of Cambodia’s duty-free trading access to the EU market under the EBA scheme in February last year.
A final decision on whether to withdraw this trade privilege from Cambodia or not will be made next month.
The country’s exports to the EU valued at 5.86 billion USD in 2018, about 95 percent of which entered the bloc duty-free, taking advantage of the EBA preferences.
Garments and footwear are Cambodia’s biggest exports, employing about 750,000 people in 1,100 factories./.
VNA
