ADB retains Cambodia's growth forecast at 5.3 pct in 2022.
ISLAMABAD -- The Asian Development Bank (ADB) maintained its economic growth forecast for Cambodia at 5.3 percent in 2022, but lowered the 2023 forecast to 6.2 percent from the earlier prediction of 6.5 percent due to weaker global growth, according to its updated outlook report released on Wednesday.
Cambodia's garments, travel goods, and footwear outputs remained robust, registering 39.8 percent year-on-year growth in the first half of 2022, despite the economic slowdown in the United States and Europe, the report said.
The non-garment manufacturing sector continued its strong growth momentum, it said, adding that construction gradually recovered, with imports of construction materials rising 22.8 percent.
Industry output is projected to grow 9.1 percent this year, before moderating to 8.6 percent in 2023 because of weaker external demand, the report said.
"An increase in Cambodia's manufactured product exports, and a gradual recovery in the construction and service sectors, have supported economic growth in 2022 despite the drop in agricultural growth caused by surging fuel and fertilizer prices and heavy rains," ADB country director for Cambodia Jyotsana...
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