Sept. 25 (Bloomberg) -- Cambodia’s economy will contract 2.75 percent this year amid a slump in garment exports, tourist spending and construction, the International Monetary Fund said in its annual assessment.
“The global economic crisis is giving a larger impact on Cambodia’s economy than previously anticipated,” the IMF said in the Article IV report published in Washington. Garment export volumes may slump 15 percent this year, it said.
In Cambodia, the proportion of garment shipments to total exports is higher than any country except Bangladesh and Haiti, according to World Trade Organization data. The U.S. purchases about 70 percent of production from the nation’s apparel plants.
Garment exports are falling because of lower U.S. consumption and increased competition from manufacturers in other Asian nations, the IMF said.
Tourist arrivals have declined and spending is lower as a global recession affects international travel, the IMF said. Work on large construction projects has slowed as property prices slump, it said.
In 2010, the economy may grow 4.25 percent amid a global recovery which may bolster demand for Cambodia’s exports, the IMF said.
To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.
“The global economic crisis is giving a larger impact on Cambodia’s economy than previously anticipated,” the IMF said in the Article IV report published in Washington. Garment export volumes may slump 15 percent this year, it said.
In Cambodia, the proportion of garment shipments to total exports is higher than any country except Bangladesh and Haiti, according to World Trade Organization data. The U.S. purchases about 70 percent of production from the nation’s apparel plants.
Garment exports are falling because of lower U.S. consumption and increased competition from manufacturers in other Asian nations, the IMF said.
Tourist arrivals have declined and spending is lower as a global recession affects international travel, the IMF said. Work on large construction projects has slowed as property prices slump, it said.
In 2010, the economy may grow 4.25 percent amid a global recovery which may bolster demand for Cambodia’s exports, the IMF said.
To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.
3 comments:
Whenever Cambodia's economy slowdown or decline is a very good news for SRP. SRP like to see negative things in Cambodia.
12:54 why not?
the house is over price for regular Cambodian!
And the land was took away from peole to sell to foreigner!
May lightning strike the traitors!
12:54 why not?
the house is over price for regular Cambodian!
And the land was took away from peole to sell to foreigner!
May lightning strike the traitors!
Post a Comment