Cambodia's garment industry (Photo: khmertimeskh.com)
Phnom Penh (VNA)♕ – The World Bank (WB) has forecast thatCambodia’s economy will expand less than 7 percent in 2017 and 2018.
According to the bank’s latest “East Asia –Pacific Economic Update” report, the Cambodian economy will grow 6.9 percent in2017 and 6.7 percent in 2018.
The WB’s projection is less optimistic than theearlier forecast of the Asian Development Bank (ADB), which said Cambodia’seconomy is expected to achieve an expansion of 7.1 percent in 2017 and 7percent in 2018.
The WB said the slowdown is driven by highpublic spending and a decrease in textiles and garment export earnings due to fiercercompetition from other regional countries.
The bank suggested that Cambodia should enhanceits public investment management and step up technological and vocationaltraining while cutting energy fees in order to maintain its growth.-VNA
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Cambodia's garment industry (Photo: khmertimeskh.com)
