Home / Knowledge / News / Apparel/Garments / Outlook for Cambodia's economy remains robust: ADB
Outlook for Cambodia's economy remains robust: ADB
29
Sep '16

Backed by 9.4 per cent growth in exports from the garment and footwear industry, Cambodia's economy is likely to witness strong growth in 2016 and 2017, says a new Asian Development Bank (ADB) report. Cambodia attained lower-middle-income status in July this year, and the report has retained its forecast for economic growth at 7 per cent this year.

“Economic developments so far in 2016 have unfolded broadly as expected in Asian Development Outlook (ADO) 2016. Exports from the important garment and footwear industry rose by 9.4 per cent in the first half, almost double the pace in the same period of 2015,” says the ADB in an update of its flagship annual economic publication ADO 2016.

“While growth in credit to the private sector moderated to 28.1 per cent year-on-year in June 2016, it still indicates buoyant domestic demand. Better weather since June, following an extended drought, should help a mild recovery in agriculture,” said Samiuela Tukuafu, ADB's country director for Cambodia.

Tukuafu said that ADB stands ready to continue supporting Cambodia's inclusive economic growth through critical investments in agricultural productivity, transport and logistics, technical and vocational education and training, and financial sector development.

Fiscal policy is seen as supporting economic growth, with government spending rising by 15.6 per cent in the first half of 2016 assisted by civil service wage increases, and revenue rising by 24.1 per cent as the government continued to improve tax collection.

Merchandise exports increased by an estimated 12.3 per cent in US dollar terms in the first 6 months, faster than the 9.4 per cent recorded in the first half of 2015. Growth in merchandise imports slowed to 7.3 per cent from 17.0 per cent. The current account deficit, excluding official transfers, is still seen to have changed minimally this year compared to 2015, and is expected to narrow in 2017 thereby maintaining Cambodia's sound external position. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search