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

Oliver Dowden. Pic: GOV.UK

Retail | On 4th Dec 2020

UK events industry likely to be back to normal by Easter

Oliver Dowden, UK secretary of state for the department of digital,...

Pic: Shutterstock

Textiles | On 4th Dec 2020

US bans cotton imports from Chinese producer XPCC

The US Customs and Border Protection (CBP) agency recently banned...

Pic: Shutterstock

Apparel/Garments | On 4th Dec 2020

PVH Corp Q3 FY20: sales $2.11 bn; net income $70 mn

PVH Corp, a US-based global apparel companies, has reported 18 per...

Interviews View All

Manuj Terapanthi, Texaura

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Janak Dhamanwala & Sunil Dhamanwala, Jansun

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Akash Khetan, Narayan Tex Fab

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Poonam Naik Desai,

Poonam Naik Desai

Peekaboo is a sustainable, high quality, luxury sleepwear brand providing...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

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


December 2020

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


Advanced Search