Home / Knowledge / News / Textiles / WB: Cambodia growth remains robust
WB: Cambodia growth remains robust
12
Apr '16
Growth remains strong, estimated to have reached 7 per cent in 2015, led by the garment and the construction sectors, according to the World Bank's latest Cambodia Economic Update. In 2016, growth is expected to be around 6.9 per cent, making Cambodia one of the fastest growing countries in East Asia.

There are downside risks to this outlook which may include continued appreciation of the US dollar, slower economic recovery in Europe, spillovers from a slowdown in the Chinese economy and potential labour market issues. Given the narrow production and export base and concentrated export markets in the European Union and US, the country is exposed to increased competition which gradually constrains growth.

"Scaling up public investments to address key infrastructure bottlenecks and further improving the business climate will be important for Cambodia to remain competitive,” said Alassane Sow, the World Bank's Country Manager for Cambodia.

Following a slowdown in early 2015, garment exports rebounded in the second half of the year, ending at a nominal year-on-year growth rate of 12.3 per cent, compared with 9.2 per cent in 2014. Construction remained a main engine of growth in 2015, driven by sustained foreign direct investment into the sector.

Growth in the tourism sector remained moderate despite a recovery in tourism activities in neighboring countries, particularly in Thailand and Vietnam. The total tourist arrivals in 2015 grew by 6.1 per cent (reaching 4.78 million visitors), compared with 6.9 per cent growth in 2014. Slow improvement in rice yields largely caused by less favorable weather conditions and depressed agriculture commodity prices constrained growth in the agriculture sector.

The Cambodia Economic Update highlights how the financial sector has supported economic growth in Cambodia over the past few years. Domestic credit accelerated by 27 per cent year-on-year in 2015. In the current context, strengthening banking supervision would be advisable to safeguard financial stability and sustainability. Recent measures such as the increase in capital requirements for financial institutions are welcome developments. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pexels

Apparel/Garments | On 23rd Jul 2018

Turkey aims to export apparel worth $25 bn in 5 years

Turkey aims to increase its apparel exports by 50 per cent in 2018...

Kathmandu urges Dhaka to lift ban on yarn import

Textiles | On 23rd Jul 2018

Kathmandu urges Dhaka to lift ban on yarn import

Landlocked Nepal has urged Bangladesh to withdraw its restriction on...

BPPL opens Sri Lanka's first ever polyester yarn factory

Textiles | On 23rd Jul 2018

BPPL opens Sri Lanka's first ever polyester yarn factory

Eco Spindles, a wholly-owned subsidiary of BPPL Holdings Ltd (BPPL),...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

Leave your Comments


July 2018

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

news category


Related Categories:

Advanced Search