ADB revises 2020 growth forecast for Cambodia upward
The Asian Development Bank has revised its 2020 growth forecast for Cambodia upward thanks to the country’s improved agricultural performance and an increase in volume in non-garment manufacturing exports such as bicycles and electronics.
Phnom Penh (VNA) – The Asian DevelopmentBank has revised its 2020 growth forecast for Cambodia upward thanks to the country’simproved agricultural performance and an increase in volume in non-garmentmanufacturing exports such as bicycles and electronics.
In its Asian DevelopmentOutlook (ADO) 2020 Update, the bank forecast a 4.0 percent contractionfor Cambodia’s gross domestic product in 2020, compared to its June forecast ofa 5.5 percent contraction.
ADB expects growth to rebound to 5.9 percent in 2021, boosted bysupportive government policies, social assistance for the poor, and financingsupport for small and medium-sized enterprises, according to ADB CountryDirector for Cambodia Sunniya Durrani-Jamal.
He said those measures,along with much-needed structural reforms, will reduce the direct and indirectimpacts of COVID-19 on families and businesses, and help Cambodia’s economyemerge stronger from the pandemic.
According to ADB economistDavid Freedman, while Cambodia’s tourism and garment industry suffered heavyblows from COVID-19, non-garment production has posted a strong growth,especially bicycles and electronics. Exports of agricultural products,including rice, also surged, and may increase further when Cambodia sign freetrade agreements with China, the Republic of Korea and other potentialpartners.
The ADB is supporting the Government of Cambodia’s response to thepandemic and has provided $250 million inconcessional financing to strengthen health systems, expand social protection,and support economic recovery./.
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Illustrative image (Photo: Internet) 
