Posted on 24 September 2009
The Mirror, Vol. 13, No. 631
(CAAI News Media)
“Phnom Penh: The Asian Development Bank has predicted that, due to the global economic crisis, the Gross Domestic Product (GDP) of Cambodia in 2009 will achieve little growth, but next year, it will be a bit better, because when the world economy will start to recover, and Cambodia will resume good growth.
“According to the Asian Development Bank Outlook 2009 Update [Broadening Openness for a Resilient Asia], released on 22 September 2009, the downturn in garment exports, construction activities, and the decline in the number of foreign tourists have led to a forecast that the GDP of Cambodia in 2009 will contract by about 1.5% compared to 2008.
“The report quoted the US Department of Commerce data which shows that Cambodian clothes exports to the US dropped by 27% in the first 5 months of 2009 from the corresponding period of 2008. As for tourism during the first four months of 2009, there was a decline by 3%, and the construction sector also faced a downturn as a consequence of falling Foreign Direct Investment (FDI), notably from Korea.
“As the global economy starts to recover, Cambodian textile exports and tourism might resume to grow again, leading to the expectation that in 2010, the Cambodian economy will achieve a 3.5% growth. However, Cambodia is encountering rising inflation – just 0.8% at present – but it will increase up to 5% in 2010. The current account deficit will be lower than forecast in March 2009 at about 5% and in 2010 at less than 7%.
“It should be remembered that according to a forecast in March 2009, when the global economic crisis was serious, it was predicted that the current account of Cambodia will decline by as much as 16% in 2009 and about 10% in 2010.
“The GDP of Cambodia achieved 10.8% growth in 2006, 10.2% in 2007, and 6.7% in 2008. According to the above forecast, Cambodia will achieve just 5.2% growth in 2009.”
Rasmei Kampuchea, Vol.17, #5002, 23.9.2009
Newspapers Appearing on the Newsstand:
Wednesday, 23 September 2009
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