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ADB: Cambodian economy to grow 4 pct this year

The Asian Development Bank (ADB) has projected that the Cambodian economy will grow by 4 percent this year and 5.5 percent next year, led by a robust recovery of its major trade partners.
ADB: Cambodian economy to grow 4 pct this year ảnh 1Illustrative image (Photo: AFP)

Phnom Penh (VNA) – The Asian DevelopmentBank (ADB) has projected that the Cambodian economy will grow by 4 percent thisyear and 5.5 percent next year, led by a robust recovery of its major trade partners.

In the Asian EconomicOutlook 2021, announced on May 28, the lender forecast that the country’s industrial production willexpand by 7.1 percent this year and 7 percent next year thanks to the recoveryof apparel, footwear, and travel items as well as the growth of electronics and bicycle assembling.

Agriculture is expectedto grow by 1.3 percent in 2021 and 1.2 percent in 2022, while services mayrecover more slowly, expanding by 3.3 percent in 2021 and 6.2 percent in 2022. Efforts to contain a local outbreak of COVID-19 that began in February aredampening service sector activities, ADB noted.

ADB Country Directorfor Cambodia Sunniya Durrani Jamal stressed that amid this challengingenvironment, fiscal policy remains crucial, as the rollout of a broad fiscalstimulus package has played a vital role in supporting the economy./.

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#Asian Development Bank#Vietnamplus#Vietnam News Agency#Cambodian economy#Asian Economic Outlook 2021#ADB Country Director for Cambodia Sunniya Durrani Jamal
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