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ខ្មែរ Economy and Finance
Is the Overheating Property Market Bad for the Economy?
- 4 August 2021
An economist from the Royal Academy of Cambodia HE Ky Sereyvath has expressed concern that overheating growth in the real estate sector no longer benefits the local economy and will eventually push housing prices beyond the purchasing power of the local population. HE Ky Sereyvath made the statement during an interview with RFI earlier this week, citing that amid the pandemic crisis, the govern...
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Cambodia Lowers Growth Forecast to 2.5% for 2021; Property Sector Remains Uncertain
- 3 August 2021
Cambodian Prime Minister Samdech Hun Sen has lowered the kingdom’s forecasted economic growth from 4% to only 2.5% this year, due to the severe impact of the COVID-19 pandemic. Samdech Hun Sen explained that this growth will be mainly supported by the agricultural sector as the export of agricultural products has increased more than expected. The Council for the Development of Cambodia also ...
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PM: Expenses on COVID-19 Now Equal to Constructing 10 Mekong River Bridges
- 2 August 2021
The Cambodian government has revealed that expenditures in the fight against the COVID-19 pandemic have reached millions of dollars or equivalent to the cost of construction of 10 Mekong River bridges. Prime Minister Samdech Hun Sen said on Sunday that what Cambodia has spent so far is already over the cost of the construction of 10 major bridges. “Some bridge constructions in Cambodia cost ...
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PM: Cambodia Extracts 137kg of Gold on Average per Month
- 1 August 2021
Prime Minister Samdech Hun Sen said on Sunday that Cambodia can extract on average approximately 137kg of gold per month. The announcement comes after an Australian company launched a commercial gold mine operation in Mondulkiri province in June. Speaking at the opening ceremony of the vaccination campaign for teenagers aged 12 to 17 years, PM Hun Sen stated that the gold that has been extra...
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Poipet Casino Star Vegas Reports More Losses in Q2 Due to Extended Closure
- 30 July 2021
Poipet-based casino giant Star Vegas has announced an EBITDA loss of AU$530,000 in the second quarter of 2021 due to the extended closure of the casino since April, reported Inside Asian Gaming recently. In the second quarter, the company's revenue was only AU$1.1 million, down 56% from the first quarter, while expenditure remained high. “The pandemic has impacted the industry and society as...
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OECD: Cambodia’s Logistics System Needs Reform to Increase Competitiveness
- 30 July 2021
Cambodia's logistic system in recent years has grown significantly but is still inadequate and limited due to high costs and the complexity of laws and regulations, according to OECD’s recent report which argued that reform is required to increase competitiveness. The report added that logistics prices in Cambodia are relatively high compared to other ASEAN countries such as Thailand and Vietna...
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Number of Construction Projects, Value & Area in H1 Dropped by 11.4% 34.3% & 29.9% Respectively
- 29 July 2021
The number of construction projects, the investment value, and total area approved in H1 2021 have decreased by 11.4%, 34.3%, and 29.9% respectively, compared to the same period last year, according to a recent report from the National Bank of Cambodia (NBC) The report added that the drop predominantly stems from the slowdown in tourism and commercial construction projects. Meanwhile, import...
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Consumer Loans Rise to Over US$33bn as of H1, Construction & Property Attributed 31%
- 28 July 2021
As of H1of 2021, consumer loans in the banking sector have increased to over US$33.9 billion, 31% which were attributed to the construction and property sectors, according to the recent report of the National Bank of Cambodia (NBC). Among all the personal home loans, construction, and real estate activities accounted for 13.1%, 9.5%, and 8.4%, or equivalent to US$4.44 billion, US$3.22 billion, ...
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Over 360k Loan Accounts Worth US$5.5bn Restructured as of H1, Construction Sector Attributed 15%
- 28 July 2021
From 2020 to H1 2021, banking and financial institutions have restructured a total of 367,239 loan accounts or equivalent to over US$5.5 billion in value, 15% of which were assigned to the construction sector. According to a report from the National Bank of Cambodia, there were a total of 32,636 restructured loan accounts in the construction sector, or equal to US$840 million. Among which, U...
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UNDP Advises Cambodia to Issue Sovereign Bonds to Expand Financial Resources
- 27 July 2021
UNDP has recommended Cambodia to issue sovereign bonds to expand domestic financial resources for urban development projects. This UN body published the advice in their recent report while also forecasting that Cambodia will graduate from its Least Developed Country (LDC) status in either 2027 or 2028. The report added it is time for Cambodia to prepare new sources of financing. Thus, being ...
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