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Recovery signs in garment sector, economy to grow – Economist

04
May '09
A noted economist has predicted that the Cambodian economy will recover and grow by the end of 2009 and prove the Economic Intelligence Unit as well as the World Bank wrong, which have projected a negative growth for the economy.

Kang Chandararot, President of the Cambodia Institute for Development Study said that the international organisations have been very pessimistic when predicting the economic outlook of the Cambodian economy in 2009.

He said the garment sector which has been hit the hardest, is showing signs of recovery, due to which the overall economy could stabilize as early as in 2009. He added that, these organisations were ignoring the fact that, new garment units had been put up in 2009 too.

According to him, the economy would actually grow by 5 percent in 2009, instead of contracting as expected by the international organisations. He said the tax breaks provided to the garment industry had helped boost the apparel industry.

The clothing manufacturing sector is a witness to closure of 20 companies in 2009, leading to lay-offs to around 13,000 workers in Cambodia. Experts aver that the government incentives have averted large scale closures in garment units.

Fibre2fashion News Desk - India


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