Cambodia’s economy is expected to remain strong over the next couple of years partly driven by solid garment and footwear exports (Source: adb.org)PhnomPenh(VNA) - Cambodia’seconomy is expected to achieve an average expansion of about 7 percent in 2017and 2018, according to the Asian Development Bank (ADB).
In a report released recently, the bank noted that Cambodia’s economy will be drivendue to speeding up the implementation of the Industrial Development Policy2015-2025, and promoting garments and footwear exports, construction and realestate activities.
According to the ADB, Cambodia’s growth inindustry is projected at a slightly higher rate of 10.8 percent this year,supported by higher growth in major industrial countries and somediversification into products with higher value added such as garments,footwear, light manufacturing, and electronics.
Meanwhile, the service and agriculture sectors areexpected to expand by 6.7 percent and 1.8 percent, respectively. Growth inconstruction is expected to moderate.
Higher international prices for oil and othercommodities are expected to step up inflation to 3.4 percent this year, from3.0 percent in 2016. The current account deficit, excluding official transfers,is estimated to further narrow to 9.4 percent of GDP in 2017 from 10.1 percent ofthe GDP last year, the bank said.-VNA
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