AMRO forecasts Cambodia’s economic growth rate in 2020 to be 7.2%

The asean+3 macroeconomic (AMRO) predicts that Cambodia’s economic growth rate could reach 7.2% this year, compared with previous forecasts by international organizations and the Cambodian Central bank.

Amro, an organization of the overall economic assessment of the region, recently published its report on Cambodia. According to the report, Cambodia’s economic expansion this year will be underpinned by the sound development of the construction industry.

Amro said Cambodia’s international foreign exchange reserves would amount to $10 billion, enough to cover 6 months of imports.

Junhong Chang, director of Amro in Cambodia, said in a meeting with Shehendu, president of the Central Bank of Cambodia, that political stability is the cornerstone of social and economic development and sustainable economic growth. To sustain this growth, he suggested that Cambodia accelerate structural reforms, prioritize financial stability and increase taxes to boost economic growth and competitiveness.

Chea Chanto, president of the central bank, asked Amro to continue to give training to the bank’s assistance staff, and asked Amro to take some staff from the bank for short-term training to foster an international outlook.

Source: Taiwan Trade