World Bank forecasts strong GDP growth for Cambodia and the Philippines

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CSX index continues to decline on April 02, 2024 On April 02, 2024, the CSX index concluded at 453.3 points, marking a slight decrease of 0.48% from the previous day's close. Market activity exhibited a blend of trends on the main board, with PPAP (+0.15%) showing gains, while PEPC (-2.48%), CGSM (-0.79%), MJQE (-0.48%), GTI (-0.37%), PAS (-0.32%), and ABC (-0.21%) experienced declines. PWSA and PPSP maintained their opening prices. On the growth board, DBDE and JSL ascended by 0.48% and 0.77%, respectively. The total trading volume for the day amounted to 42,908 shares, with a cumulative trading value of KHR 312 million. (Source: YSC Research)

Economy and Industry

World Bank forecasts strong GDP growth for Cambodia and the Philippines The World Bank released its latest economic update for East Asia and the Pacific region, forecasting both Cambodia and the Philippines as the fastest-growing developing economies in SEA with each country's GDP expanding by 5.8%. This marked an upward revision from the bank's previous forecast of 5.5% for Cambodia and 5.6% for the Philippines. Vietnam also saw an upgrade in its growth forecast from 4.7% to 5.5%. However, China and Indonesia faced downward revisions in their growth projections as a result of an uneven post-COVID recovery across the region. The bank noted that inflation has fallen across the region as a result of lower commodity prices and easy supply constraints, and slowdown in domestic demand. On the other hand, inflation Is still high in countries like Myanmar resulting in higher commodity prices and currency depreciation. Additionally, the tourism sector faced challenges with slower than expected recovery, labor shortages, and elevated travel costs. (Source: Khmer Times)

Cambodia's preference for private healthcare raises financial concerns According to the World Bank, as high as 83% of Cambodians opt for private healthcare, a trend that has grown steadily over the years. This preference is particularly concentrated in major cities like Phnom Penh, Siem Reap, Sihanoukville, and Battambang. However, private healthcare comes at a high cost, with out-of-pocket expenditure reaching 60% in 2021, the second highest in ASEAN. To address this issue, insurers suggest higher enrollments in the government's National Society Security Fund (NSSF), which provides health insurance coverage for workers. Furthermore, the entry of multinational corporations (MNCs) into Cambodia is seen as a positive trend as it will lead to wider adoption of health insurance - providing health insurance is part of most MNC's corporate governance manual. Despite efforts to promote public healthcare, many Cambodians still opt for private services due to perceived quality and accessibility issues. (Source: Khmer Times)

Cambodia hosts international forum on Climate Change The Ministry of Economy and Finance (MEF), in collaboration with the Climate Investment Funds and Asian Development Bank, are co-hosting the CIF Asia-Pacific Knowledge Exchange Forum, aiming to foster collaboration on climate change, sustainable forestry, and nature-based solutions. Minister Pornmoniroth of MEF highlighted Cambodia's strategic goal to ensure the sustainability of socio-economic development in Cambodia and to build resilience to climate change. Furthermore, the minister highlighted Cambodia's ambitious climate targets to achieve carbon neutrality by 2050. With a focus on sharing knowledge and expertise, the event features panel discussions and presentations covering climate finance and resilience outcomes achieved through CIF initiatives. The first day of the forum was attended by representatives from relevant ministries, development partners, research institutions, local community groups, and representatives from 13 countries across the APAC region. (Source: Khmer Times)

Corporate News

Sihanoukville Autonomous Port reports strong financial performance The Sihanoukville Autonomous Port (PAS) in Cambodia reported a notable increase in net profit for 2023, reaching KHR 121.96 billion, a 44.93% surge compared to the previous year. Its revenue also rose to KHR 364.64 billion, marking a 6.08% increase. PAS attributed this growth to enhanced work efficiency, infrastructure development, and increased container throughput and gross cargoes. The port is expanding its facilities with projects like a new container terminal and the acquisition of mobile harbor cranes. Supported by Japan International Cooperation Agency (JICA), PAS aims to match or surpass neighboring countries' ocean freight costs, thereby boosting trade and economic development. The port's expansion is expected to increase its container capacity and shipping network, contributing significantly to attracting investors and improving business competitiveness in Cambodia. (Source: Khmer Times)

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