World Bank estimates 5.5% growth for the 2023 recovery stage

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Mixed results for CSX index as GTI, PPAP, and CGSM decline The CSX index closed at 454.1 points on October 3, 2023, after falling by 0.02%. GTI, PPAP, and CGSM all declined, losing 0.97%, 0.29%, and 0.41% respectively. However, PWSA and MJQE gained 0.27% and 2.39% respectively. PAS, ABC, and PEPC closed flat. On the growth board, JSL fell by 1.61%, while DBDE remained unchanged. Trading volume increased by 5.3% from the previous day to 86,221 shares, or KHR 606 million. (Source: YSC Research)

Economy and Industry

World Bank estimates 5.5% growth for the 2023 recovery stage The World Bank has maintained Cambodia's economic growth forecast at 5.5% this year, citing the resurgence of the services sector, particularly tourism, following the post-pandemic recovery. This contrasts with the Asian Development Bank's revised forecast of 5.5% to 5.3%, which cited slower industrial growth in the first half of the year. The World Bank's East Asia and Pacific Economic Update predicts Cambodia's economy will accelerate to 5.5% in 2023, driven by the rejuvenation of the services sector and advances in agricultural production. The growth for 2024 is anticipated at 6.1%, driven by improvements in goods exports, diversification, and an increase in foreign direct investment. Aditya Mattoo, chief economist of the World Bank's East Asia Pacific Region, highlighted the potential benefits of the Regional Comprehensive Economic Partnership (RCEP) for Cambodia, which could enhance market access predictability and encourage policy reforms. (Source: The Phnom Penh Post)

In August, the insurance industry recorded $31 million in premiums Cambodia's insurance sector saw a 1.6% increase in premiums in August 2022, with a gross premium of $13.5 million, up from $12.8 million in August 2022. Life insurance premiums fell by 2.43% to $17.3 million, while micro-insurance premiums increased by 40.2%. The total amount of claims paid out by insurers increased by 8.72% to $2.6 million. The insurance sector has experienced substantial growth over the past two decades but faces challenges such as a lack of public awareness about insurance benefits. The increasing premiums reflect the strength of the insurance market in Cambodia, which contributes about 1.17% to the country's GDP. The insurance density in the country is about $20.53 per person, indicating potential for growth. (Source: Khmer Times)

Cambodians will soon be able to pay in Vietnam using KHQR Cambodia and Vietnam are set to sign an agreement this year to facilitate cross-border digital payments, with the Central Bank of Cambodia (NBC) planning to establish cross-border digital payment corridors with countries like China, India, Japan, and Malaysia. The initiative aims to promote digital payment as it helps the country's social and economic development, facilitates remittances from migrant workers, and boosts the use of riel. The KHQR system, launched in 2022, has recorded nearly 400,000 transactions in one year. The Cambodian financial system currently includes 59 commercial banks, nine specialized banks, 82 microfinance institutions, 17 financial leasing companies, and 34 payment service institutions. Vietnam is also a party to the ASEAN's Regional Payment Connectivity (RPC) initiative, which aims to enhance cross-border payment systems in the region. The digital economy in Asean is estimated at $300 billion and is expected to reach $1 trillion by 2030. (Source: Khmer Times)

Corporate News

CGCC and Kasikornbank collaborate to support MSMEs Credit Guarantee Corporation of Cambodia (CGCC) and the Branch of Kasikornbank Public Company Limited (Phnom Penh) have signed a Credit Guarantee Agreement to support micro, small and medium-sized enterprises (MSMEs). The agreement aims to improve financial inclusion and develop MSMEs through the provision of guarantees for loans given to MSMEs through Participating Financial Institutions (PFIs). The Cambodian government has directed CGCC to support MSMEs, and the branch in Phnom Penh has become one of the 27 PFIs of CGCC. The partnership will enable Kasikornbank to extend its reach to a broader entrepreneur base and improve service capabilities. As of July 2023, CGCC has provided credit guarantees of $139.5 million to 1,648 businesses for their working capital expansion. (Source: Khmer Times)

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