Kingdom’s growth ‘to drop to 2.5 percent’

[geovalin]

The World Bank has predicted the Kingdom’s real economic growth will slow to around 2.5 percent this year mainly because of the COVID-19 pandemic. The country consistently achieved economic growth of around 7 percent for several years. In its just-released publication titled April 2020 Economic Update for East Asia and the Pacific in the time of COVID-19, the World Bank said the coronavirus outbreak caused sharp decelerations in most of Cambodia’s main growth drivers in the first quarter of 2020.

 

“Real growth is projected to slow sharply to 2.5 percent in 2020, but the growth rate will recover to 5.9 percent in 2021 under the baseline scenario,” the bank’s report stated. It added that the unprecedented global shock triggered by the pandemic has significantly affected the country’s economy in all its major sectors: agriculture, tourism, garments, textiles and construction.

 

The situation was not helped when the European Union said it will withdraw 20 percent of its free trade status with the country, hitting the country’s coffers by about $1.1 billion from Aug 12.

 

read more https://www.khmertimeskh.com/50708030/kingdoms-growth-to-drop-to-2-5-percent/

[Grumpy John]

2.5%!   That's optimism for you!  Or did they forget the minus (-) in front of the 2?

[30la]

This is called optimism, after having closed practically everything, having taken away work from most of the population you still dream of in more of your economy ... it will take months if not years for growth ...

[Isaan sailor]

In your wildest dreams, Thailand.

[Elkski]

More like -40% dumb f*c@$

[Iron Tongue]

This report was prepared in January, 2020. 

 

It was only released on April 1, 2020!