Chun Sophal
The Phnom Penh Post
THE Asian Development Bank on Tuesday lifted its prediction of economic growth for developing Asia in 2009 and 2010, although the lender kept its Cambodia forecast unchanged at negative 1.5 percent for this year, the latest sign the Kingdom is faring worse than many of its neighbours in its bid to recover from the global downturn.
The ADB lifted its 2009 forecast for 45 developing Asian countries to an average 4.5 percent, up from 3.9 percent in September. In 2010, gross domestic product in the region was expected to hit 6.6 percent, a small improvement on the 6.4 percent forecast made in September.
“The prospects for much of the region look rosier than they did in September,” said Jong-Wha Lee, ADB’s chief economist. “Fiscal and monetary stimulus policies and a moderate improvement in the G-3 economies of Europe, Japan and the US helped East Asia and Southeast Asia in particular.”
By contrast, Cambodia was expected to see growth of just 3.5 percent next year.
“Cambodia’s economy was badly hit by a sharper-than-expected decline in garment exports, construction, and tourism,” the report said.
An International Monetary Fund report on December 9 showed that Cambodia had largely failed to benefit from external stimulus spending, as demand for the Kingdom’s garments in the US – the country’s largest export market – declined 23.1 percent in the first eight months compared to an 14.3 percent drop on average across all suppliers.
The government increased spending 28 percent this year on 2008 levels, according to the ADB.
The ADB lifted its 2009 forecast for 45 developing Asian countries to an average 4.5 percent, up from 3.9 percent in September. In 2010, gross domestic product in the region was expected to hit 6.6 percent, a small improvement on the 6.4 percent forecast made in September.
“The prospects for much of the region look rosier than they did in September,” said Jong-Wha Lee, ADB’s chief economist. “Fiscal and monetary stimulus policies and a moderate improvement in the G-3 economies of Europe, Japan and the US helped East Asia and Southeast Asia in particular.”
By contrast, Cambodia was expected to see growth of just 3.5 percent next year.
“Cambodia’s economy was badly hit by a sharper-than-expected decline in garment exports, construction, and tourism,” the report said.
An International Monetary Fund report on December 9 showed that Cambodia had largely failed to benefit from external stimulus spending, as demand for the Kingdom’s garments in the US – the country’s largest export market – declined 23.1 percent in the first eight months compared to an 14.3 percent drop on average across all suppliers.
The government increased spending 28 percent this year on 2008 levels, according to the ADB.
5 comments:
Bravo ADB!!!You are so right!!!The dictator Hun Xen did anything!!!he kill and destroy only the own people and the khmer nation for youn Hanoi and for Thaksin the Siam prisoner!!!
Forget the prediction of 1.5%.
CPP government doesn't understand the number. All they need are just poors get a bowl of rice and fish, the riches get LEXUS and Hennesy and 10 mistresses.
Hun Sen hides his INCOMPETENCE with Thais problem.
Wake up, do your job, you are not PM of Thailand.
Stop resolve Thai problems.
Resovle Khmer problems, Khmers lost their job, economy goes down because of government members corruption.
There are more and more crimes bevause of poverty.
could you tell us the exact forecast Sir, Why?
1. yesterday: ADB forecast at 6.0pc
2. today: ADB forecast at 1.5pc
How can believe this report?
economist
Hi, why so fussy about forecast. During my 10 years working on Cambodia, nobody is correct in forecast. It is a future teller based on number. IMF forecast that the Chinese economy would be -1% in 2009. In reality it would be a growth of 9%.
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