International Monetary Fund (IMF) managing director Kristalina Georgieva on April 7 said the Cambodian economy is expected to grow 4.2 per cent this year, following a 3.5 per cent contraction in 2020, but cautioned that local governments around the world should proceed with prudential policies and proactive management.
Kristalina made the comment at the opening press conference of the virtual 2021 Spring Meetings of the IMF and World Bank.
The global outlook is brighter, she said, adding that the world economy is predicted to expand six per cent, buoyed by additional policy support and Covid-19 vaccination campaigns that have reached millions of people.
“This is adding to the exceptional and coordinated actions taken over the past year. And yet, while there is light, the crisis continues to cast a dark shadow,” she said, adding that a small number of “advanced and emerging market economies”, led by China and the US, are powering ahead as “weaker and poorer countries” are lagging behind in this multi-speed recovery.
“We also face extremely high uncertainty, especially over the impact of new virus strains and potential shifts in financial conditions. And there is the risk of further economic scarring from job losses, learning losses, bankruptcies, extreme poverty and hunger.
“Policymakers must take the right actions now by giving everyone a fair shot – not just into people’s arms, but also in people’s lives and in vulnerable economies,” Kristalina said.
https://www.phnompenhpost.com/business/imfs-georgieva-cambodian-economy-grow-42-2021