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
| On 25th May 2022
The New York State senate recently passed a bill that prohibits the...
Germany’s GDP rose by 0.2 per cent in the first quarter (Q1) of 2022...
Bangladesh businessmen have called for not raising gas and...
Liquidity is a primary issue in Indian context
Uniform designing is a numbers game
Luxury is not just about high prices but ability to create desire
Mohd. Showkot Ali
Bangladesh-based Maksons Group owns and operates multiple corporations and ...
Dr Anton Firth & Dr Aida Rafat
Founded in 2020 in London, DyeRecycle develops an innovative dyeing fibres ...
Stony Creek Colors was started in 2012 to build a new future for natural...
EDANA has been the leading global association and voice of the nonwovens...
Tonny De Beer
PFNonwovens (PFN) was established in 2018 by the combination of two...
Hologenix is a material sciences company dedicated to developing products...
Sujata & Taniya Biswas
Founded by <b>Sujata and Taniya Biswas</b>, Suta is a humble brand which...
Vidur Adlakha & Riccardo Bennidini
With an active presence in US, Italy and India, clothing brand La Fuori...
Label Sunita Shanker
Inspired by the rich traditional crafts of India, Sunita Shanker’s work is ...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.