The National Bank of Cambodia (NBC) projected the Cambodian economic growth at 6.4 percent in 2024, up from estimated 5.5 percent in 2023, mainly driven by tourism and manufacturing sector, according to an NBC’s Economic and Banking Industry Update issued on Monday.
‘Cambodia’s economy is optimistically expected to continue to grow at around 6.4 percent in 2024, supported mainly by growth in tourism and manufacturing,’ read the report.
Tourism is expected to recover due to the improvement of tourism situation in the region as well as the continued development and improvement of infrastructure that will support the sector, it said.
Through the implementation of the new investment law, the manufacturing sector is expected to achieve better growth than 2023, especially non-garment manufacturing products, and the garment sector is expected to grow steadily.
Agriculture is projected to grow slightly over 2023, benefiting from continued market diversification to the members of the Regional Comprehensive Econom
ic Partnership Agreement (RCEP) and bilateral free trade agreements, coupled with the Royal Government of Cambodia’s support policy to boost production and markets.
The construction and real estate sectors affected by the recent crisis are projected to continue to grow slowly, which will continue to be supported by public infrastructure development projects, coupled with a slow recovery in domestic demand focused on affordable housing, while demand for luxury construction serving non-residents is expected to remain weak.
Inflation in 2024 is projected to be 2.5 percent slightly higher than in 2023, mainly due to expectations that global crude oil prices may rise after oil exporters plan to cut supplies.
‘In this context, continued prudent monetary policy will continue to stabilise the Riel exchange rate, as well as continue to contribute to stabilising prices and protecting the purchasing power of the Riel,’ the report underlined.
‘The monetary policy framework will be strengthened, especially the develop
ment of monetary instruments and markets, in line with the launch of the NBC’s benchmark interest rate test to orient the Riel interest rate in the market to a reasonable level,’ it added.
NBC also laid stress on possible external risks including a decline in flows of international trade, investment as well as international financial market uncertainty, while internal risks can be a sluggish recovery in construction and real estate due to a low inflow of foreign investment, and climate change.
Source: Agence Kampuchea Presse
Hanoi: The Vingroup Innovation Foundation (VinIF) has said that in 2024, it continues to sponsor science and technology programmes and projects to promote the application and contribute to changing the research environment in Vietnam, creating a launching pad for Vietnamese science and technology to reach the international level.
Deputy Minister of Science and Technology Tran Hong Thai said that the funding will help promote the development of research groups at universities and research institutes, as well as preserving cultural and historical values, supporting the commercialisation of products through research and implementation, and enhancing Vietnam’s scientific and technological potential.
He expressed his hope that the foundation will continue to sponsor and promote activities to support scientific and technological research, with focus on priority studies and national products approved by the Prime Minister.
The VinIF was founded in 2018 by Vingroup, Vietnam’s largest private conglomerate, with the
overriding mission of supporting scientists and young talents from universities and institutes to create world-class scientific, technological and innovative researches in the field of science, technology, engineering, medicine, economics and education, in order to bring about positive and sustainable changes for Vietnam.
Since then, the foundation has funded 800 billion VND (32.5 million USD). Notably, in 2023 alone, it sponsored new science and technology projects; 300 master’s and doctoral and 90 postdoctoral scholarships, eight projects and 17 cultural and historical events with a total amount of 160 billion VND./.
Source: Vietnam News Agency