Oil markets on the rebound as more countries ease COVID-19 lockdowns.
Overall GDP will decrease by about 10% in Southeast Asia this year, compared with the increase of close to 5% last year, Capital Economics forecast.
Asian markets were on the upswing Thursday as investors were encouraged by the steady recovery of the U.S. crude oil market after this week’s historic plunge.
Around 150 to 200 workers are coming back from Thailand every day, said Sar Kheng, raising concerns about a potential increase in poverty due to the economic fallout from the pandemic.
On April 9, the Cambodian government declared an inter-province travel ban fearing garment workers would defy the order to visit their hometowns during the Khmer New Year.
Informal financial service providers have been a traditional source of unregulated, and pricey, debt for Cambodians, even with the more recent proliferation of profit-making microfinance institutions.
The findings demonstrated that there were some 2.4 million Cambodian borrowers at the start of 2019, holding a total debt of $8 billion.
Before the pandemic, the six-year-old company Samai Distillery was producing rum for the local and international markets.
The last two months have seen the tourism sector, as well as informal workers and small family-run businesses, bear the brunt of this virus-induced economic distress.
Even though they have escaped an ordered shutdown, restaurants and eateries, both small and big, are finding it hard to attract customers, many of whom are staying or working from home to ride out the pandemic.
Ken Loo, secretary-general of GMAC, said all factories were facing the effects of the global economic slowdown, especially because buyers had suspended orders.
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