ADB's Economic Growth Forecast for Cambodia 2018-2019

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ADB's Economic Growth Forecast for Cambodia 2018-2019

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ADB Forecasts Cambodia's Economy to Grow 7% in 2018 and 2019
15/04/18 13:23
Phnom Penh (FN), April 11 - Asian Development Bank (ADB) predicted on Wednesday that Cambodia's economy is expected to grow 7 percent in 2018 and 2019, bolstered by solid global economic growth, according to Asian Development Outlook (ADO) 2018, released today.

"Cambodia's strong economic growth in the near term is supported by robust exports, as well as high foreign direct investment inflows, tourism activities, and domestic demand. However, rising wages, difficulty in doing business, and intensifying competition can undermine Cambodia's competitiveness”, said Jan Hansen, ADB’s Senior Country Economist.

ADB’s full press release in available below.
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Re: ADB's Economic Growth Forecast for Cambodia 2018-2019

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Good news!
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Re: ADB's Economic Growth Forecast for Cambodia 2018-2019

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ADB says Cambodia to grow at 7% in 2018, 2019
September 27, 2018
The Asian Development Bank (ADB) forecasts that Cambodia’s gross domestic product (GDP) will grow by 7 percent in 2018 and 2019, backed by strong export growth, robust tourist arrivals, buoyant domestic demand, and an expansionary fiscal policy.

In an update of its flagship publication, Asian Development Outlook (ADO) 2018, released yesterday, ADB said the local economic growth rate was in line with the stable growth seen across most of the developing Asia, which has taken place despite only moderate growth in major industrialised economies.

ADB’s growth forecast was slightly higher than the Cambodian government’s projection. The government has predicted that the country’s economy will grow by 6.9 percent in 2018, expanding the nation’s GDP to about $24.5 billion.

ADB country director Sunniya Durrani-Jamal, however, cautioned that rapidly rising wages without increased productivity could pose a major domestic risk, eroding Cambodia’s external competitiveness, which still mainly relies on cheap labor.

Cambodia’s exports rose by 13.3 percent, while imports grew by 25.7 percent following strong domestic demand in the first half of 2018, ADB said in a media release.

It added that the current account deficit – excluding official transfers – will rise to 12.1 percent of GDP this year, up from 10.9 percent in 2017. However, it is expected to narrow next year, although it will still exceed the April 2018 ADO forecasts of 11.1 percent in 2018 and 10.8 percent in 2019.

The recovery of the tourism sector was mainly supported by tourist arrivals from China, ADB said.

In line with ADB’s findings, Ken Loo, secretary-general of the Garment Manufacturers Association in Cambodia (GMAC), told Khmer Times that a rise in wages must be accompanied by a similar rise in productivity in order for employers to remain competitive.

He said Cambodia must boost its productivity if it is to remain competitive against countries like Vietnam, Myanmar, and Bangladesh, who are also vying for a share of the global apparel trade.

“In Cambodia we experienced the strongest increase in wages in the world over the past 3 or 4 years, with wages rising from $100 to $170. No country in the world can offset such a huge wage increase with productivity gains,” he said.
https://www.khmertimeskh.com/50536840/a ... 2018-2019/
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Re: ADB's Economic Growth Forecast for Cambodia 2018-2019

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Cambodia’s economy continues to enjoy robust growth: central bank
By Xinhua Net -
January 4, 2019

- Cambodia’s economy enjoyed robust growth last year, driven by garment exports, construction and tourism, said a National Bank of Cambodia’s statement on Thursday.

“The economic growth for 2018 is expected at 7.3 percent, which is a high rate if compared with the growth rate in the last six years, and is higher than the average growth rate in developing countries,” the statement said.

Garment exports, construction and tourism had seen two-digit growth last year, it said, adding that garment export was estimated to increase by 24.7 percent and tourism was expected to grew by 11.5 percent, with some 6.2 million international tourists visiting to the kingdom.

In full: http://www.xinhuanet.com/english/2019-0 ... 717461.htm
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