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Economy Minister to Boost Economic Growth to More Than 5% By 2022

Phnom Penh: Cambodia can recover and boost economic growth from a decline of -3.1% in 2020 to a positive rate of about 3% in 2021, and this growth is projected to continue to rise to more than 5 % in 2022. This is due to the reopening of the country and the return to normalization of socio-economic activities following the new normal after Covid-19.

Mr. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance at the closing ceremony of the meeting to summarize the work results of 2021 and the work direction of 2022 of Kandal Provincial Administration on 15 March 2022, said that in addition to continuing to fight Covid 19 disease, The Royal Government focuses on restoring and promoting economic growth to return to the path of its potential growth, especially by promoting the implementation of the strategic framework and programs to restore and promote Cambodia's economic growth in living with Covid-19 according to the new normal path for 2021-2023, which the Royal Government just announced to be implemented on 16 December 2021, based on three pillars (or called 3 Rs), including the restoration of growth in Key sectors are economic recovery, reforms to build a solid foundation for growth, diversification, and reform, strengthening resilience, sustainability, and the environment.

The Minister of Economy stressed that the current geopolitical crisis between Russia and Ukraine in Europe is seriously affecting the development of the global socio-economic situation, as well as in the region, which requires the Royal Government to monitor and regularly evaluate and take necessary measures to mitigate the adverse effects of this situation in a timely manner as far as possible.

The Minister of Economy also told the Kandal Provincial Administration to continue to pay attention to support and facilitate agricultural and business investment activities throughout the province, especially to provide support and favors for the development of agriculture and agro-industry. The main priority areas of the province are in accordance with the policies and legal principles of the Royal Government to reduce the poverty of the people.

At the same time, efforts must be made to expand irrigation systems, crop irrigation networks, develop high-yield and balanced cultivation techniques in line with market demand, find new potential markets, and consider measures to help protect the prices of agricultural and other crops of the people to be stable. In addition, the authorities and the competent forces at all levels must work hard to support the revenue collection units in collecting revenue from the national and provincial budgets, especially to mobilize and encourage investment in the development of small and medium enterprises for job creation and improve the lives of local people in the context of the Covid-19 crisis.



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