UN-ESCAP: Cambodia will grow at 7%

[geovalin]

Cambodia’s economic growth is forecast to continue at a healthy seven percent for 2017-2018, according to a United Nations report released yesterday. Strong exports by the garment and agriculture industries were at the heart of the rosy outlook in the report published by UN’s Economic and Social Commission for Asia and the Pacific (UN-ESCAP), which said Cambodia’s growth outlook would remain “rapid” at between 7.1 to 7.2 percent.
 

However its report, the Economic and Social Survey of Asia and the Pacific 2017, warned that authorities needed to exert robust governance for this strong performance to be maintained. “The strong economic situation is again due to ready-made garments, which account for about 80 percent of the country’s total exports, rising numbers of tourist arrivals, a steady increase in foreign investment, higher consumer spending due to an increase in minimum wage for workers in the garment industry, and a decline in poverty,” the report stated.
 

Oliver Paddison of UN-ESCAP, said the government had a key role to play in ensuring continued stable economic growth. “Governance is important to ensure transparency and accountability, which in turn eliminates corruption in social and public affairs,” Mr Paddison said.

 

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