Cambodia construction company along with other industries which drive this country economy are also impacted by the COVID-19 spread. Cambodia as the fastest-growing economy worldwide doesn’t want to be stuck in this condition by providing accommodative measures to tackle the pandemic.
Although the main industries of Cambodia have also undergone a significant fall in 2020 as a result of the pandemic. Construction, garment, and tourism start to regain back its normal state by showing the increasing growth rate at the early of 2021.
Responsive Measures on Cambodia Construction Industry
This year, Cambodia has shown signs of recovery, particularly for large and key drivers of its economy such as construction, garment exports, and tourism. This recovery can be seen from the development of the country’s growth rate from -3.1 percent at the end of last year to 4 percent at the first quarter of 2021.
The generous support from the government is known to be the main factor that contributes to this progress. This increased growth rate is achieved as the country provides cash transfers at the beginning of this year to its citizens in order to support them during an elongated time of the pandemic.
Besides the government support, as this year the COVID-19 starts to fall under control, many other countries begin to reopen their economy. This also affects the condition in Cambodia which also starts to raise.
Poverty-Free Future of Cambodia
Besides facing the global crisis from the COVID-19 pandemic, another problem that needs to face Cambodia is poverty. Working with the World Bank and the National Institute of Statistics, this country conduct phone survey to track poor households.
Back in June 2020, the number of poor households was 2.3 million. The pandemic unavoidably has increased the number of it despite the fact that around 4.5 million Cambodians have successfully passed the poverty level prior to the pandemic.
Although presently most citizens get their employment back, the pandemic has brought severity to Cambodia’s economy. The number of poor households has increased considerably and contributed to the decline of the country’s income.
The pandemic which impacted the main business sectors in Cambodia such as construction, manufacturing exports, and tourism has dragged the country back into lower-income status. As the result, Cambodia needs to struggle to crawl into the upper-middle level by 2030.
Cambodia’s Outlook for 2021
Cambodia market analysis expects this country’s main sectors to regain at varying paces. For instance, industrial production is predicted to grow by 7.1 percent, and the agriculture industry that gains by 1.3 percent this year.
Other main industries like construction, tourism, and services are likely to regain at a slower pace. The result of market analysis helps Cambodia to identify viable growth strategies that can be applied to different industries in this country.
This will give an idea related to the prospects and opportunities that those main industries can take to improve during the crisis caused by the COVID-19 pandemic.
Cambodia construction company plays an important to the country’s recovery during a pandemic. Although it might recover at a slower pace, the construction industry can be expected to show positive impacts in 2021.