Cambodia's garment and tourism industries have both been hit hard by the pandemic. Cambodians’ finances are about to get worse
be the homeland of microcredit, but no country is keener on it than Cambodia. According to its central bank, there were some 160,000 branches of microfinance institutions around the country in 2016—one for almost every square kilometre of Cambodian territory. Almost 2.2m of Cambodia’s 10m-odd adults have a microcredit loan outstanding, according to the Cambodian Microfinance Association , an industry group.
But the industry’s breakneck growth may not be sustainable. Household debt has swollen as the size of loans has ballooned. According to the World Bank, the average loan grew “more than tenfold” over the past five years. Larger debts have led to longer repayment periods. “[Cambodia] probably should have had a crisis by now,” admits Daniel Rozas, an adviser to theThat may be in part thanks to the efforts of the National Bank of Cambodia, the central bank, to tame the industry.
Whatever the true state of Cambodians’ finances, they are about to get worse. The garment industry, which until recently employed some 740,000 people, has been particularly badly hit by the covid-19 pandemic, as orders from America and Europe have plunged. Perhaps a third of garment factories have stopped work. Research suggests that each worker in the factories supports three other people, so the effects will ripple across the country.
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