Cambodian Economy on a High in 2018
Posted: Wed Apr 24, 2019 4:14 pm
April 24, 2019 / 7:47 AM / Updated 3 hours ago
Cambodia's economy grew 7.5 percent in 2018, four-year high - World Bank
PHNOM PENH, April 24 (Reuters) - Cambodia’s economy grew 7.5 percent last year, a four-year high, compared with 7 percent in 2017, helped by rising exports to the United States, the World Bank said on Wednesday.
Economic growth will slip to 7 percent this year, 6.9 next year and 6.8 percent in 2021, the bank predicted.
The World Bank said growth accelerated last year due to the rapid increase of garment and footwear exports to the U.S., increasing by 17.6 percent compared with 8.3 percent in 2017.
“The key drivers are actually garment and footwear exports to the U.S. and the European Union,” World Bank senior economist Sodeth Ly told a news conference, adding that the U.S. market grew faster than the EU market last year.
Cambodia’s imports of motor vehicles and steels rose 50 percent and 48 percent, respectively, in 2018, the bank said.
In a statement, the bank said risks to growth have “intensified due to heightened uncertainty” over preferential access by Cambodia to European markets and a “potential sharp slowdown” in the Chinese economy.
https://www.reuters.com/article/cambodi ... SL3N22617T
Cambodia's economy grew 7.5 percent in 2018, four-year high - World Bank
PHNOM PENH, April 24 (Reuters) - Cambodia’s economy grew 7.5 percent last year, a four-year high, compared with 7 percent in 2017, helped by rising exports to the United States, the World Bank said on Wednesday.
Economic growth will slip to 7 percent this year, 6.9 next year and 6.8 percent in 2021, the bank predicted.
The World Bank said growth accelerated last year due to the rapid increase of garment and footwear exports to the U.S., increasing by 17.6 percent compared with 8.3 percent in 2017.
“The key drivers are actually garment and footwear exports to the U.S. and the European Union,” World Bank senior economist Sodeth Ly told a news conference, adding that the U.S. market grew faster than the EU market last year.
Cambodia’s imports of motor vehicles and steels rose 50 percent and 48 percent, respectively, in 2018, the bank said.
In a statement, the bank said risks to growth have “intensified due to heightened uncertainty” over preferential access by Cambodia to European markets and a “potential sharp slowdown” in the Chinese economy.
https://www.reuters.com/article/cambodi ... SL3N22617T