Economy to grow at 6.9 percent in 2018, NBC

http://nomadcapitalist.com/wp-content/uploads/2014/08/investing-in-cambodia-real-estate.jpg The economy will grow by 6.9 percent this year, according to projections from the National Bank of Cambodia (NBC), spurred by the robust performance of the tourism, construction and garment sectors. The figure features in a recent report by the NBC titled Macroeconomic Prospects and Financial Sector in 2017 and Outlook for 2018. Other international bodies have issued similar forecasts, with the World Bank also placing Cambodia’s growth in 2018 at 6.9, the International Monetary Fund (IMF) projecting 6.8 and the Asian Development Bank saying it will be 7.1. “Strong regional growth will support investment, exports and tourism,” the report reads. “Garment exports, meanwhile, will be supported by access to preferential treatment from the European Union (EU) and the US, as well as an increase in exports to Japan and Canada, which will help us reduce our reliance on just a few markets. “The country has also been diversifying its manufacturing and production, and we are now making electronics and auto parts,” it said. The reports also says their projections are based on Cambodia’s macroeconomic stability and the fast development of the banking sector, as well as an increase in government’s revenue from tax collection and deep structural reforms in key institutions.