The ASEAN+3 Macroeconomic Research Office (AMRO) has forecasted Cambodia’s GDP growth to be similar as that of the Asian Development Bank (ADB)’s Asian Development Outlook (ADO) 2020 Update.
According to a press release AKP received this morning, AMRO has predicted that this year Cambodia’s economic growth will be -4.5 percent and will grow to 5.4 percent next year, a bit lower than ADO’s forecast of 5.5 percent.
Cambodia’s economic situation in 2020 will be better than that of some other nations, including Malaysia with -5.5 percent, Singapore -6.0 percent, the Philippines -7.6 percent, and Thailand -7.8 percent.
ADB’s annual flagship economic publication, forecasts a 4.0 percent contraction for Cambodia’s gross domestic product in 2020, compared to its June forecast of a 5.5 percent contraction.
“The coronavirus pandemic is an unprecedented global challenge, but fortunately Cambodia has been spared a health crisis. We expect growth to rebound to 5.9 percent in 2021, boosted by supportive government policies social assistance for the poor and financing support for SMEs,” said ADB’s Cambodia Country Director, Ms. Sunniya Durrani-Jamal. “These measures, along with much-needed structural reforms, will reduce the direct and indirect impacts of COVID-19 on families and businesses and help Cambodia’s economy emerge stronger from the pandemic.”
Source: Agency Kampuchea Press