Tourism, housing sectors on recovery path

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The tourism and housing industries in Cambodia are showing signs of recovery this year, according to the ASEAN+3 Regional Economic Outlook.

Answering questions from Khmer Times at a virtual press briefing yesterday, AMRO Chief Economist Hoe Ee Khor said the country’s garment industry is likely to face a setback due to the slowdown in its major export markets.

“Cambodia is a major garment exporter and a lot of such exports go to the US and Europe. However, due to the slowdown in those areas, Cambodia’s garment industry will take a hit. It will be weaker than the previous year,” he said.

However, the Kingdom is expected to offset such setbacks due to the recovery in the tourism and housing industries, Khor pointed out.

“Because of the recovery in China, the tourism sector in Cambodia is getting a big boost. We expect tourism to recover in Cambodia this year and that would help offset the setback in the garment industry,” he said, adding: “We are hopeful about the housing industry, which was down because of the Covid-19 pandemic for several years, is coming back again.”

He said the ongoing resumption of tourism — especially with the return of Chinese tourists — will provide a much-needed boost to growth in ASEAN.
“With recession risks still haunting the United States and Europe, China’s economic reopening cannot come at a better time for the region,” Khor observed.
The economist also pointed out the revival in the fortunes of several other sectors in the country.

Source: Khmer Times

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