It is without a doubt that the Covid-19 pandemic has very much brought catastrophic effects to the world such as the dramatic loss of human life worldwide and an unprecedented challenge to public health, food systems, and the world of work. Needless to say, the economic and social disruption caused by the pandemic is devastating. However, notwithstanding the fact that Southeast Asia is now embroiled by the Delta variant of Covid-19 as of late, Cambodia has every reason to remain optimistic once this pandemic is over.
As a matter of fact, according to Cambodia’s Ministry of Health, Cambodia has managed to vaccinate close to 90 percent of the initially targeted 10 million people against COVID-19. To date, from February 10, 2021, to August 15, 2021, it has successfully vaccinated 9,020,990 against the virus. Considering that the country has spent more than USD1 billion to combat COVID-19, and with the knowledge that herd immunity could be achieved by October 2021, there is clear economic evidence that high vaccination rates improve economic outcomes, thus ensuring that the Kingdom of Wonder is on the right track for more than 6% GDP growth in 2022.
With that being said, Cambodia definitely possesses the potential to grow as a result of Southeast Asia’s economic expansion, what with the increased commerce with China and a young and active population with rising educational levels. In addition, compared to its neighbors in the region, which has imposed partial or full lockdowns to manage the spread of the virus, the Cambodian government has enforced strict, absolute lockdowns in the country which has proven to be effective. This has also enabled economic activities to recover quickly despite suffering some losses previously. It goes without saying that although we are currently navigating through difficult times, the future is certainly looking promising for the Kingdom of Wonder at the moment.
It is worth mentioning that the property market in the city is currently booming and trending upwards, based on the estimates of Simon Griffiths, Managing Director of The Mall Company Cambodia. He added, “With greater competition, developers shall increasingly offer better-guaranteed yields and deals to foreign and local buyers.” Notably, for the past half-decade, the country has seen a consistent 7% GDP growth. In 2019, the country also saw its inward FDI flow increase to $3.7 billion, an increase of 12% compared to 2018.
Fortunately, with the booming real estate market, and increasing value of property in the city, Phnom Penh city dwellers can look forward to the upcoming completion of the Peninsula Private Residences, an award-winning project comprising of a unique blend of a private residence, varied facilities, and hospitality-inspired services for a complete lifestyle investment. As the finest landmark at the gateway of Chroy Changvar district, The Peninsula is without a doubt, the future hotspot investment catering to a high-quality residential lifestyle, complemented with a unique Community Smart Living concept for the ultimate living experience. For those looking to own an affordable boutique living or an investment with solid returns, find out more by checking the Peninsula Private Residences project listing.