Manufacturing Slated to Drive Renewed Economic Growth of 5.3%: ADB

[geovalin]

The Cambodian economy could grow by 5.3% this year, said ADB economists on Wednesday, pointing to a manufacturing rebound as helping to drive renewed growth. The economists delivered their forecast in a press conference to discuss their Asian Development Outlook report for 2022, which was released the same day.

 

The forecast also included projections for 2023, in which the bank’s economists saw potential for a 5.3% rise in GDP to further pull Cambodia from its pandemic slump. Economists say Cambodia’s GDP shrunk by 3.1% in 2020, a sharp downturn that broke a nearly decadelong arc of strong annual gains. But the national economy already showed signs of recovery last year, with the ADB noting a return to growth at an estimated rate of 3%.

 

Looking back on 2021, economist Poullang Doung said the economy “rebounded faster than expected” due in large part to strong demand for Cambodia’s manufactured goods, particularly garments, footwear and travel accessories. Last year’s overall economic growth was driven by the industrial sector marking a 7.4% increase, Poullang said, after contracting by 1.4% in 2020.

 

 

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