Germany Pledges to Provide Over US$60 Million for Economic Development in Cambodia
Phnom Penh, October 20, 2023 --The Federal Republic of Germany has pledged to provide approximately US$66 million to Cambodia to support the projects on socio-economic development.The information was shared by H.E Andreas Pfeil, Head the Central Asia, East Asia of the Federal Ministry of Economic Cooperation and Development Germany (BMZ) in a meeting held in Germany on Oct. 18 with H.E. Chheang Yanara, Senior Minister in charge of Special Mission and Second Vice President of the Council for the Development of Cambodia.According to a press release, the assistance includes both financial cooperation and technical cooperation for 2023-2024.Besides, the German government has continued its cooperation with Cambodia in the development of a number of key areas, said the source.The two sides have agreed to continue developing sustainable economic sector, health and social protection, as well as energy-climate and other sectors that are in line with the priorities of national development as set out in the Pentagonal Strategy-Phase I and Germany's 2030 Agenda.H.E. Chheang Yanara lauded the German Government’s assistance in contributing to Cambodia’s development efforts.From January to September 2023, the trade volume between Cambodia and Germany reached US$778 million, a year-on-year decrease of 17.7 percent, shiw the trade statistics of the General Department of Customs and Excise.Cambodia's exports to Germany were recorded at about US$620 million and its imports from the country were valued at US$159 million.Most of Cambodia's exports to the German market are garments, footwear, travel goods, agricultural products, electrical parts and bicycles, while the main imports are vehicles, construction materials and furniture.Germany is the seventh largest trading partner of Cambodia.
Khmer Riel Available at Exchange Counters in Singapore’s Airport
Phnom Penh, October 19, 2023 --The Cambodian currency, Khmer Riel (KHR), is now accepted for exchange with other currencies at Travelex money exchange counters in Singapore's Changi Airport.This is the first time that the Riel has been available for exchange outside of Cambodia.Travelex, a market leading foreign exchange brand, has partnered with the National Bank of Cambodia to start trading Cambodia’s national currency, the Khmer Riel, at Singapore’s Changi Airport, Travel said a statement early this week.The move is a result of an effort of the National Bank of Cambodia to promote the use of the Cambodian currency. It is also a sign of the growing international recognition of the Cambodian Riel.“Khmer Riel is now available at Travelex counters at Changi Airport T2 and T3,” commented H.E Ms. Chea Serey, Governor of the National Bank of Cambodia.The acceptance of the Riel at Changi Airport is expected to make it easier for travellers to and from Cambodia to exchange their currency. It will also help to promote the use of the Riel among tourists and investors.This is a significant development for the Cambodian economy, and it is likely to boost the country's tourism and investment sectors.
More than $ 97 billion deal reached at Belt and Road Business Forum
Chinese leader Xi Jinping said participants of the Business Summit at the Belt and Road Forum had reached a number of agreements worth 97.2 billion US dollars."During this period, business representatives of the High-Level Forum concluded a cooperation agreement worth a total of 97.2 billion US dollars," he said at the Third Belt and Road Forum for International Cooperation.The third Belt and Road Forum, held in Beijing on October 17-18, brought together more than 4,000 participants from more than 140 countries. Russian President Vladimir Putin arrived in Beijing as the main guest for the forum.The Belt and Road Initiative was proposed by Chinese President Xi Jinping in 2013. Its goal is to strengthen international trade and investment projects involving a large number of countries, along with the use of Chinese and foreign capital. More than 150 countries and 30 international organizations are participating in the initiative.
Cambodia, Türkiye Aim For Two-Way Trade Goal Of US$1 Billion
Phnom Penh, October 13, 2023 --Cambodia and Türkiye aim for two-way trade goal of US$1 billion.This was the spirit of the recent talks here between H.E. SOK Chenda Sophea, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and H.E. Ms. Ülkü Kocaefe, Ambassador of the Republic of Türkiye.According to a press release of the Ministry of Foreign Affairs and International Cooperation AKP received this morning, the two sides noted with satisfaction the cordial relations between the two countries as they prepare to celebrate the 65th anniversary of diplomatic relations next year.They expressed their readiness to jointly launch activities to commemorate this significant milestone between Cambodia and Turkiye. They also discussed ways to further strengthen the relationship and prioritise potential areas of cooperation in line with the Royal Government of Cambodia's Pentagonal Strategy - Phase 1.On economic and trade ties, the two sides expressed deep appreciation over their close cooperation. They expressed their commitment to explore possibilities to increase commercial activities to achieve a two-way trade goal of US$1 billion.H E. Ms. Kocaefe noted that Türkiye had established an office of the commercial counsellor in Cambodia to better coordinate efforts to boost bilateral trade and investment.The Deputy Prime Minister expressed his sincere gratitude to the Turkish government for its development assistance to Cambodia. The Ambassador reaffirmed her government's commitment to assist Cambodia, especially through the Turkish Cooperation and Coordination Agency (TIKA).The two sides exchanged views on cooperation in the fields of culture, tourism and education, including scholarships and training for Cambodian diplomats and students. They also discussed cooperation under multilateral frameworks.
Siem Reap-Angkor Int’l Airport Kicks Off Official Commercial Operation
Phnom Penh, October 16, 2023 --The Siem Reap Angkor International Airport (SAI) launched today its official commercial operation, after the airport flight demonstrations and tests of check-in demo, passenger boarding and landing as well as many other necessary procedures have been made successfully.The launching ceremony was held in the presence of H.E. Vongsey Vissoth, Deputy Prime Minister, Minister in charge of the Office of the Council of Ministers, H.E. Sok Soken, Minister of Tourism, H.E Mao Havannall, Minister in charge of the State Secretariat of Civil Aviation, and representatives of the Angkor International Airport Investment (Cambodia) Co., Ltd.As planned, 16 commercial flights are scheduled to land at the airport in the first day of commercial operation.SAI has 38 berths and is able to handle 7 million passengers a year, and the figure will rise to 12 million passengers annually from 2040.Additionally, the airport can handle 10,000 tonnes of air cargo per year from 2023 and 26,000 tonnes a year from 2040, as well as 65,800 flights per year from 2023 and up to 112,700 flights annually from 2040.As scheduled, on Dec. 1, 2023, SAI will be officially inaugurated under the presidency of Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia.Construction of Siem Reap-Angkor International Airport began in March 2020 with an investment of approximately US$1.1 billion by the Angkor International Airport Investment (Cambodia) Co., Ltd.According to the State Secretariat of Civil Aviation’s report, Cambodia registered 3.4 million air travellers during the first eight months of 2023, a year-on-year increase of 180 percent.Tourism is one of the four pillars supporting Cambodia’s economy. The country attracted up to 6.61 million international tourists in 2019, generating a gross revenue of US$4.92 billion, pointed out the Ministry of Tourism.
Cambodia applauds ADB's commitment and contribution to Cambodia's economic growth
Deputy Prime Minister and Minister of Economy and Finance, H.E Aun Porn Moniroth met with Mr. Winfried Vicklen, Director General of the Asian Development Bank (ADB) on the occasion of his visit to Cambodia from October 9 to10, 2023.On behalf of the Royal Government of Cambodia, the Deputy Prime Minister warmly welcomed Mr. Winfried Wicklen and his colleagues and appreciated the significant contribution of the ADB in providing good cooperation in supporting social development of Cambodia's economy since 1993 to the present.Mr. Winfred Wicklen thanked the Royal Government of Cambodia for its good and close cooperation with ADB over the past 30 years, and he was ready to further strengthen and expand this good cooperation in the development process of Cambodia.The Deputy Prime Minister stressed that the recently adopted Partnership Strategy for the Development of Cambodia 2024-2028 coincides with the first phase Pentagonal Strategy of the Royal Government of Cambodia of the 7th legislature of the National Assembly, aimed at contributing to the socio-economic development of Cambodia to become a high middle-income country by 2030 under the wise leadership of Samdech Thiapdei Hun Manet, Prime Minister of Cambodia.The Deputy Prime Minister thanked the ADB for its commitment to contributing to Cambodia's sustainable economic growth, as well as improving the lives of the Cambodian people, and wished Mr. Winfred Wicklen and his colleagues succeeded in his visit to Cambodia
IMF Forecasts Robust US Economic Growth, But Warns Of Rising Government Debt
The 2018 World Economic Outlook from the IMF paints a positive image of the US economy, with solid growth and a healthy labor market, indicating a greater chance of a "soft landing" scenario in which inflation falls in tandem with a moderate output slowdown.However, the IMF's flagship report also issues a warning about US fiscal policy and rising government debt.The Washington-based agency emphasizes that the United States has experienced the most significant recovery among major economies, with GDP in 2023 anticipated to exceed pre-pandemic levels.According to the IMF's new projections, the United States' economic growth for 2023 is now expected to be 2.1%, a 0.3 percentage point increase from earlier July estimates. Furthermore, the IMF predicts 1.5% growth in 2024, up 0.5 percentage point from prior projections.Growth forecasts in other parts of the world have slowed, emphasizing the United States' extraordinary economic performance.Notably, the eurozone's growth prediction has been cut by 0.2 percentage point to 0.7% in 2023 and 0.3 percentage point to 1.2% in 2024. Germany is the only advanced economy anticipated to have a recession in 2023, with output expected to fall by 0.5%.Similarly, China's economic growth has been cut by 0.2 percentage point to 5% in 2023 and 0.3 percentage point to 4.2% in 2024.Unemployment Remains Under Control: The IMF's report on unemployment in the United States brings reassurance. The increase in unemployment is expected to be moderate, growing from 3.6% to 3.9% by 2025, highlighting the job market's resiliency in the future years.Inflationary Pressures in the United States: Inflationary pressures in the United States are likely to ease. According to the IMF, inflation will fall to 3% by the end of 2023 and then to 2.6% by the end of 2024.Fiscal Policy Raises Concerns: One major concern raised in the IMF study is the United States' fiscal policy posture. According to the report, fiscal conditions have deteriorated significantly. The IMF emphasizes that fiscal policy in the United States should not be procyclical, especially at this point in the inflation cycle.The budget deficit in the United States is predicted to fall just little, from 8.2% in 2023 to 7.4% in 2024 and eventually to 7% by 2028. This pattern suggests that fiscal issues will endure in the next years.Rising Government Debt: The IMF forecasts an increase in US government debt as a result of the expansionary fiscal policies.The federal government's debt is predicted to rise from 123.3% of GDP in 2023 to 126.9% in 2024, and eventually to 137.5% by 2028.Bond yields will remain higher for a longer period of time: The 10-year US government bond yield, a key indicator for investors, is expected to average 3.8% in 2023 and rise to 4.0% in 2024.The 10-year Treasury yield is currently about 4.70%. In 2023, the performance of a 10-year benchmark note as monitored by the US 10 Year Note ETF (NASDAQ:UTEN) fell by 9%.
Global economic slowdown imminent due to high debt levels, warns World Bank's chief economist
The World Bank's chief economist has issued a warning about an oncoming global economic slowdown, which would be fueled mostly by high levels of public and private debt acquired in the aftermath of the Covid epidemic. On Wednesday, the warning was issued, saying that developing countries with heavy debt, such as India, could be severely impacted.The economist was also concerned about the impact of rising US interest rates on countries that have borrowed on the foreign market. This, combined with slowing trade growth and growing global protectionist measures, might pose serious problems to the global economy. The possibility of oil crisis exacerbates these dangers.The importance of controlling inflation was underlined, particularly in emerging nations where its impacts might be more severe. Unchecked inflation, the analyst said, may hinder economic recovery efforts and lead to instability.Despite the general worries, India's strong economic management over the last decade was praised by the chief economist. He praised India's advancements in infrastructure development, technological innovation, and the effective implementation of Goods and Services Tax (GST) reforms. He did, however, criticize India's high debt-to-GDP ratio and its poor female labor force participation rate, which is less than half that of China.The economist lamented India's failure to capitalize on the "China Plus One" policy. This technique encourages enterprises to diversify their supply chains by adding another country as a trading partner alongside China, hence increasing commerce. Inability to capitalize on this opportunity may limit India's future economic progress.Finally, the World Bank's chief economist advised states to address high debt levels and efficiently manage inflation in order to reduce the likelihood of a global economic slowdown. He emphasized the importance of swift action in order to secure long-term economic recovery and prosperity.
Thai government faces $ 2.7 billion loss in fuel subsidies
BANGKOK: Government efforts to keep domestic diesel prices below 30 baht a liter through December will result in a loss of nearly 100 billion baht, according to the Office of the Petroleum Fund (Offo) ($ 2.7 billion) for the Fuel Fund. According to the release of the Bangkok Post.Wisak Watanasap, director of the Petroleum Fund, said the global diesel price estimate will increase in the cold season as energy demand generally increases.Global diesel prices rose to $ 116.7 per barrel on average from August to September 2022. The price rose to $ 176 a barrel in 2022 when the war between Russia and Ukraine erupted.The Office of the Petroleum Fund is spending money from the fund to subsidize the price of diesel at 8.02 baht per liter and liquefied natural gas (LPG) at 9.2 baht per kilogram.As of Oct. 3, the fund had lost 62 billion baht, up from 49 billion baht before the May general election, Wisak said.Last year, during the effects of the Russia-Ukraine war, the total loss was 130 billion baht. The increased financial burden has led the Petroleum Fund to apply for billions of baht in loans from commercial banks.Reducing the price of diesel is among the urgent policies of Prime Minister Setha Thavisin, which addressed its first meeting on setting new diesel prices from September 20.The Thai government wants to reduce energy prices for drivers and manufacturers who use diesel as their main fuel.To keep domestic diesel prices at 29.94 baht per liter, the government has reduced the tax on diesel to 3.67 baht per liter, down from 5.99 baht per liter in addition to spending. From the fund to support retail prices.Wisak said the Office of the Petroleum Fund is monitoring factors that will affect global crude prices, including foreign exchange rates, interest rates on oil demand from China and OPEC oil supply controls.Meanwhile, the Thai Energy Regulatory Commission (ERC) on Thursday decided to reduce the electricity tariff to 3.99 baht per unit (kilowatt hour) from 4.45 baht from this month to December. The reduction is in line with Prime Minister Setha Thavisin's policy to keep electricity prices below 4 baht per kilowatt hour to reduce business and household costs to boost the economy.However, it has not yet been confirmed how much the state will have to pay for the subsidy, as the state has now lost 135.5 billion baht in subsidies on electricity.Earlier, the Thai Energy Regulatory Commission calculated that the Electricity Authority would be able to clear losses related to its subsidies by April 2025 if the energy tax remained at 4.45 baht per kilowatt hour.
Vietnam sets new record of 3.66 billion USD in rice trade in 9 months
Vietnam has set a new record for rice export earnings in the first nine months of 2023 due to rising international rice prices. This is according to the Vietnamese Ministry of Agriculture and Rural Development.The country reported $ 3.66 billion in rice exports in the first nine months of this year, up 40.4 percent from the same period last year, the ministry reported.This result is attributed to the increase in the price of Vietnamese rice exports and the decline in the supply of rice in the international market.The average price of Vietnamese rice in the first quarter reached $ 553 per ton, up 14% from the same period last year.The Philippines was the largest buyer of Vietnamese rice in the first eight months, accounting for 40.3% of total rice exports. China and Indonesia ranked second and third with 13.5% and 12.4%, respectively.According to Tran Thanh Hai, Deputy Director General of the Export-Import Department of the Ministry of Industry and Trade, export rice prices are expected to remain high until the end of the year due to demand for rice imports to major markets such as Philippines, China, Indonesia, Malaysia and Africa. While supply of rice is limited from leading rice exporters such as India and Pakistan.President of the Vietnam Food Association (VFA) Nguyen Ngoc Nam noted that there is enough market for rice exports to continue to grow, especially as the Philippines needs to import an additional 1.1 million tonnes, while Indonesia plans to buy 2.3 million tons at the end of the year.China's rice import demand is also projected to increase in the remaining months of the year, Nam said.Its rice production is expected to increase 1.8% from last year to 24 million tonnes this year, according to the ministry. Rice exports in the first eight months rose 20 percent to 6 million tons from the same period last year.
UN projects global economy to slow amid low trade and rising inflation
Global economic growth is projected to slow down from three percent in 2022 to 2.4 percent in 2023, according to a UN report that partly attributes this to slow movement of goods and services. The UN Conference on Trade and Development (UNCTAD) in its Trade and Development Report 2023, also says workers are unlikely to get a pay raise this year as wages and salaries have failed to keep up with inflation. The report released on October 4 calls for a change in policy direction and accompanying institutional reforms promised during the COVID-19 crisis to avert a lost decade.“There are five messages that we want to emphasize from the report. The first message is that the global economy is slowing down, despite the good news of the unexpected soft landing of the US economy this year. But the prospects of accelerating growth in the coming years are very slim,” said Rebeca Grynspan, UNCTAD secretary-general during a virtual press conference.“The second message is that debt is a problem and that a lot of the developing countries are in a debt and development crisis. And debt has to be part of the discussion at the international level to be able to find the right solutions for restructuring debt in many developing countries, including middle-income countries.”Rising interest rates, weakening currencies, and sluggish export growth have combined to squeeze the fiscal space for essential needs. Investment is also weak in the face of falling credit, Grynspan said, and there are worries about the market concentration and lack of competition in the financialization of trade in important markets like energy, food, pharmaceuticals, and digital."The question of where the new sources of growth will come from has to be addressed,” she said. Unattainable SDGsThe report warns that the prospect of meeting the sustainable development goals by 2030 is fading as a combination of rising interest rates, weakening currencies and slowing export growth squeezes the fiscal space needed for governments to fight climate change and provide for their people. As part of the recommendations to fix the global ailing economy, Grynspan proposed that interest rates should not be the only instrument being used to turnaround the economy. The report calls for a change in policy direction – including by leading central banks– urging global financial reforms; more pragmatic policies to tackle inflation, inequality and sovereign debt distress; stronger oversight of key markets and reform of the international financial system. The UNCTAD boss called for the revision of the inflation target of two percent.“That could mean collateral damage if not revised, especially for the developing countries, but also for the long-term financial stability in the developed world,” she warned. It would be the instruments to face the liquidity problems, the investment scale that is needed from the multilateral development banks, and, as I said before, a permanent mechanism to deal with the debt problem in the developing countries,” she explained.
Global economy slows on low trade, inflation
According to a UN report, global economic growth will decelerate from 3% in 2022 to 2.4 percent in 2023, owing in part to the slow flow of commodities and services.According to the UN Conference on Trade and Development (UNCTAD), workers are unlikely to receive a pay boost this year because wages and salaries have failed to keep up with inflation.The report, which was released on October 4, asks for a shift in policy direction, as well as the institutional reforms promised during the Covid-19 crisis, in order to avoid a wasted decade.Investment is also weak in the face of falling credit, and there are worries about the market concentration and lack of competition in financialization of trade in important markets like energy, food, pharmaceuticals and digital. The question of where the new sources of growth will come from has to be addressed.SDGs that are unattainable based to the analysis, the potential of attaining the SDGs by 2030 is receding as a result of rising interest rates, weakened currencies, and slower growth in exports, reduces the fiscal space available to governments to combat climate change and provide for their citizens.The research urges a shift in policy direction, notably by leading central banks, by advocating for global financial reforms, more pragmatic measures to combat inflation, inequality, and sovereign debt distress, tighter control of important markets, and reform of the international financial system.The UNCTAD chief advocated for a modification of the two percent inflation target. "That could mean collateral damage if not revised, especially for the developing countries, but also for the long-term financial stability in the developed world," she said.It would be the instruments to address liquidity issues, the investment scale required from multilateral development banks, and, as previously stated, a permanent framework to address the debt problem in poor countries," she explained.
Cooperation between Cambodia-Thailand Central Banks Lauded
Phnom Penh, October 05, 2023 --Cambodia and Thailand have lauded the good cooperation between their central banks, contributing to facilitate trade, investment, and tourism between the two countries, while promoting the use of local currencies.The remarks were made in a meeting held here on Oct. 4 between H.E Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC) and H.E. Cherdkiat Atthakor, Ambassador of Thailand to Cambodia.Cooperation between the NBC and the Bank of Thailand has been made in various areas, such as exchanging visits, sharing professional experiences, providing scholarships for NBC’s officials to pursue higher education in Thailand, and promoting cross-border payment system connectivity, H.E Dr. Chea Serey said.The NBC governor also highlighted the successful integration of cross-border payment and remittance systems between Cambodia and Thailand, making Thailand the first country to achieve this milestone in Cambodia."This integration has significantly supported trade, investment, and tourism between the two countries, while also promoting the use of local currencies in the market, aligning with the goals of the ASEAN Economic Community," she explained.H.E. Dr. Chea Serey, presented two new initiatives aimed at strengthening cooperation between Cambodia and Thailand, stressing that the two central banks are planning to launch the remittance system for Cambodian migrant workers in Thailand by 2024.“This initiative aims to ensure secure, fast, and cost-effective transfers to their families in Cambodia. And the cooperation in sharing consumer credit information may require more time to be fully implemented,” she said.Some 1.22 million Cambodian migrant workers have been working in Thailand, pointed out the Ministry of Labour and Vocational Training’s 2022 report.The most frequently used method to send money home was through an informal agent, according to the International Labour Organisation’s report. Other methods included through a relative, friend, own carry, a bank or through the employers.H.E. Cherdkiat Atthakor took the opportunity to express his support and commitment to strengthening collaboration between the two central banks."These endeavours have not only strengthened Cambodia's banking and financial system but have also significantly enhanced the cooperation between the two countries, particularly in the financial field," said the ambassador.Given the rapid development of the financial sectors in both countries, H.E. Dr. Chea Serey expressed optimism that the central banks of Cambodia and Thailand will continue to expand their cooperation in the future.
Fintech Development Policy Gives Impetus to Cambodia’s Digital Economy and Society Development
Phnom Penh, October 04, 2023 --The Cambodia Financial Technology Development Policy 2023-2028 will give an impetus to the development of Cambodia’s digital economy and society, said H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance.He made the remarks in a dissemination workshop on “Cambodia Financial Technology Development Policy 2023-2028” at Hyatt Regency Phnom Penh Hotel on Oct. 4.“I firmly believe that the implementation of the policy with high efficiency will help Cambodia to benefit in advance from digitalisation in the financial sector and to provide opportunities to all parties to contribute impetus to the development of Cambodia’s digital economy and society,” H.E. Dr. Aun Pornmoniroth said.The Digital Economy and Business Committee (DEBC) organised the workshop with an aim to widely disseminate the policy in the spirit of promoting the implementation of the policy and continuing to promote the development of FinTech in Cambodia.The workshop was attended by high-ranking officials who are representatives from relevant ministries, public institutions and regulators, embassies, banking and financial institutions, educational institutions, insurance companies, local and international private companies, and other relevant associations.In the process of policy formulation, it pointed out, the DEBC has previously organised five workshops to gather valuable input to ensure the conciseness, flexibility, and inclusiveness of the Policy.The five workshops include (1) The National Consultation Workshop on Policy and Direction of Cambodia's FinTech, (2) The Role of Insurance Sector and FinTech in Digital Economy in Cambodia, (3) The Role of Banking Sector and FinTech in Digital Economy in Cambodia, (4) The FinTech Stage of Cambodia Tech Expo 2022, and (5) The Roles of Decentralised Finance and Data Protection Framework in FinTech Development in Cambodia.
Director General of Customs introduced 4 points on Strengthening the Effective Management of Natural Stone Exports
Phnom Penh: Dr. Kun Nhim, Minister Delegate to the Prime Minister and Director General of Customs and Excise of Cambodia, on October 2, 2023, issued a letter to the Director of the Branch Department and the Office of Customs and Excise on strengthening the efficiency of natural stone export management.In the letter, Dr. Kun Nhem stated that in order to ensure the effectiveness of management as well as to facilitate the export of natural stone products, the General Department of Customs and Excise would like to introduce four major points: First, the classification of natural stone. Export, 2. Issuance of permit, 3. Verification of customs duties and 4. Inspection at the border.
EIU Sees Cambodia As One Of World's Fastest Growing Economies In 2024
Phnom Penh, September 28, 2023 --The Economist Intelligence Unit (EIU) forecast Thursday that Cambodia would be among the world’s fastest growing economies next year.According to a webinar by the affiliate of The Economist newspaper in London, Brunei, the Philippines and Vietnam are also expected to have high levels of growth in 2024 along with Ethiopia, Uganda and Tanzania.“It’s mainly an emerging markets story for next year,” said Tom Rafferty, the EIU’s head of global forecasting and economics."Overall, growth is expected to remain flat next year, at a slow and steady pace,” he said.With the world global economy projected to expand by 2.3 percent next year, the EIU said the United States was likely to suffer a “slowdown but no recession” in 2024.Deflation in Japan is meanwhile forecast to come to an end next year and China’s economy is seen as "weak but stabilising,” the EIU said.Other Asian economies are expected to benefit from export recoveries, falling interest rates and supply chain investments, it added.At the same time, the EIU said, Europe is expected grow faster than the United States as it rebounds from weak growth this year.
Government Spends Over US$1.2 Billion On Cash Transfer Programmes
Phnom Penh, October 02, 2023 --The Royal Government has transferred over US$1.2 billion to nearly five million poor and vulnerable people, pregnant women and under-two-year-old children, and vulnerable people pressured by inflation under cash transfer programmes.The figure was highlighted in a report launched recently by the Ministry of Social Affairs, Veterans, and Youth Rehabilitation.It added that the effective emergency financial support was applauded by the recipients, development partners, national and international civil society organisations, and the general public.The report comprehensively evaluated the impact of the cash transfer programmes on the above-said groups.In addition to these emergency interventions, the Royal Government has many other policies to help Cambodians of all walks of life in all sectors across the country.
EIU Sees Cambodia as One of World's Fastest Growing Economies in 2024
Phnom Penh, September 28, 2023 --The Economist Intelligence Unit (EIU) forecast Thursday that Cambodia would be among the world’s fastest growing economies next year.According to a webinar by the affiliate of The Economist newspaper in London, Brunei, the Philippines and Vietnam are also expected to have high levels of growth in 2024 along with Ethiopia, Uganda and Tanzania.“It’s mainly an emerging markets story for next year,” said Tom Rafferty, the EIU’s head of global forecasting and economics."Overall, growth is expected to remain flat next year, at a slow and steady pace,” he said.With the world global economy projected to expand by 2.3 percent next year, the EIU said the United States was likely to suffer a “slowdown but no recession” in 2024.Deflation in Japan is meanwhile forecast to come to an end next year and China’s economy is seen as "weak but stabilising,” the EIU said.Other Asian economies are expected to benefit from export recoveries, falling interest rates and supply chain investments, it added.At the same time, the EIU said, Europe is expected grow faster than the United States as it rebounds from weak growth this year.
Cambodia-Thailand Bilateral Trade Tops US$2.58 Billion in First Eight Months
Phnom Penh, September 28, 2023 --The bilateral trade between Cambodia and Thailand was amounted to US$2,585 million in the January-August period of this year, a 19.9 percent decrease over that of last year, a report of the General Department of Customs and Excise showed.Cambodia exported US$646 million worth of goods to Thailand, inching up 5.4 percent over the same period last year, while its imports from Thailand decreased by 25.8 percent to US$1,938 million, the report pointed out.Cambodia’s main exports to Thailand include textiles, agricultural products, gems, raw materials and semi-finished products.Imports from Thailand are mostly fish, meat, vegetables, automobiles, organic fertilisers, foodstuffs, and construction materials.Thai Prime Minister H.E. Srettha Thavisin is paying his first official visit to Cambodia on Sept. 28. According to the Ministry of Foreign Affairs and International Cooperation, during his day-long visit to Phnom Penh, H.E. Srettha Thavisin and Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia will hold bilateral talks aimed at charting a course of action to further deepen and expand the extensive spectrum of mutually beneficial ties under bilateral and multilateral frameworks.The two leaders will take part in a handover ceremony for the Transit and Reception Centre for Victims of Trafficking and Other Vulnerable Groups in Poipet City, part of a bilateral cooperation initiative.
Thai cabinet orders Thai farmers to suspend bank debt for three years
A deputy finance minister said on Tuesday that the Thai cabinet has agreed a plan to postpone debt payments for millions of farmers for a period of three years at a cost to the government of roughly 33 billion baht ($908 million).According to Julapun Amornvivat, the suspension of principal and interest payments will start on October 1 and farmers who have complied with interest payments will also be permitted to borrow up to 100,000 baht from the government-run Bank for Agriculture and Agricultural Cooperatives.According to him, the purpose of the legislation is to lessen farmers' obligations so they can "come back strong". A total of 2.7 million farmers are qualified to participate in the program.Thailand, the second-largest exporter of rice in the world, has one of the highest rates of household debt in Asia.According to official data, 66.7% of all agricultural households were in debt in 2021, primarily due to farming-related expenses. After taking out loans to pay for their crops, many agricultural families are left with generations-long debt.The debt proposal is one of a number of policies the new populist administration, which took office last month, has put out to jump-start a stagnant economy dragged down by plummeting exports and investor confidence.According to Julapun, the suspension would cost the government around 11 billion baht ($302.8 million) a year, while the cabinet on Tuesday gave its approval to about 12 billion baht.($1 = 36.34 baht)