Cambodian Government insists GDP contraction for 2020 will not be more than -1.9 percent

[geovalin]

The Royal Government will  stand by its forecast  that the economy will not  contract by more than -1.9 percent this year.  In addition, it has forecasted that  positive growth will return in 2021 with an estimated 3.5 percent.

 

MEF spokesman Meas Soksensan, told Khmer Times that the government will  stand by its forecast made earlier this year.  “If there is a severe impact on the economy because of  the COVID-19 pandemic, the government will find ways to reverse it, but in the medium term there is no change as there are three months left to end the current year,” Soksensan added. The Asian Development Bank (ADB) has recently revised its 2020 growth forecast, predicting Cambodia’s economy will contract by 4 percent, from its previous prediction of a 5.4 percent contraction in June because of improved agricultural performance and increased volume of non-garment exports.

 

The World Bank meanwhile  has forecasted a sharp contraction of -2 percent for the local economy this year, adding that Cambodia’s unfavourable growth outlook alongside disruptions to jobs and lower household incomes meant poverty is likely to increase.

 

read more https://www.khmertimeskh.com/50770067/government-insists-gdp-contraction-for-2020-will-not-be-more-than-1-9-percent/

[hotchilli]

23 hours ago, geovalin said:

The Royal Government will  stand by its forecast  that the economy will not  contract by more than -1.9 percent this year.  In addition, it has forecasted that  positive growth will return in 2021 with an estimated 3.5 percent.

Not sure the populous would agree with that statement.

[Thailand]

Drinking from the same glass as the Thai government!