PHNOM PENH: The approval of a total of 999 construction project proposals decreased by 170 projects, equivalent to 14.5%, in the second quarter of 2022, including the decline in residential construction projects. Other than public and industrial construction, villa, commercial, and tourism construction is permitted.
However, the construction sector is expected to rebound by 3% in 2022 as lending to the sector rises and the government continues to monitor and implement intervention policies to avoid potential risks, and act quickly.
Meanwhile, despite the indirect impact of Ukraine’s outbreak of war, the Cambodian economy is expected to grow by 5.4% in 2022. Strong demand in Cambodia’s major markets, improved business activities, and domestic production supply chains, helped to sustain growth.
The government has maintained intervention efforts such as cash subsidies for vulnerable people and allowances for workers during suspensions.
Cambodia’s economic situation has improved in the second quarter of 2022 due to an increase in international tourists, industrial investment projects, and the continued growth of domestic production, while exports continue to grow in production. Bicycles, wires, electronic components, car parts, and other non-garment products are examples.