Cambodia has projected the country’s per capita gross domestic product at US$1,771 in 2021, up from US$1,600 in 2020.
The projection was shared yesterday by the Deputy Prime Minister and Minister of Economy and Finance H.E. Aun Pornmoniroth when leading his team to defend the draft budget law for 2021 at the Senate.
The growth, he continued, is made possible through various efforts of the Royal Government, including the provision of tax incentives to small and medium sized enterprises as well as key industries like tourism and hospitality.
The Royal Government has already released more than US$200 million from the national budget to subsidise those adversely affected by the COVID-19 crisis and will set aside more budget to assist them if the coronavirus issue continues.
Although overall manufacturing exports have been hit by the pandemic, exports of bicycles, electrical parts, and vehicle parts and accessories are rising.
The exports of milled rice and other agricultural commodities have also surged, while domestic tourists have supported partial recovery of the travel and tourism industry.
With the move, Cambodia’s economy is projected to contract by 2 percent in 2020, but will bounce back by 4 percent in 2021, according to the latest forecast by the World Bank.