ADB: Cambodia’s prospects are robust

Economic growth in Cambodia along with its other Asean neighbours is expected to accelerate further with the kingdom’s current account deficit narrowing, according to an Asian Development Bank report yesterday. “Annual GDP growth is projected to be slightly higher at 7.1 percent this year and next. With growth firming up in the major industrial economies this year, Cambodia’s export prospects are robust,” stated ADB’s “Asian Development Outlook 2017”.

According to the ADB, Cambodia’s exports are expected to expand by 11 percent this year, outpacing import growth at 9 percent, with tourism revenues remaining strong this year and next. “The current account deficit is thus likely to narrow to the equivalent of 9.4 percent of GDP this year and 9 percent next,” added the report.

In its outlook for Asean, the ADB stated that after rising 0.1 percentage points to 4.7 percent in 2016, growth will continue to improve to 4.8 percent in 2017 and 5 percent in 2018, “with nearly all Southeast Asian economies showing an upward trend”. Recovery for global food and fuel prices and in agricultural output will help commodity producers such as Indonesia, Malaysia, and Vietnam,” added the report.

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