Logo of Phnom Penh Post newspaper Phnom Penh Post - Economic growth estimate cut for 2003

Economic growth estimate cut for 2003

Economic growth estimate cut for 2003

The Asian Development Bank (ADB) has cut its estimate for Cambodia's growth this

year from 6 percent to 5 percent. The revised figure, contained in the ADB's regional

economic report released this month, is in line with a general downturn in East Asia.

However the Asia Economic Monitor notes that the reduction in the growth of Cambodia's

Gross Domestic Product (GDP) still puts it up half a percentage point on 2002.

"Among the other countries in the region, this year Cambodia is expected to

improve upon last year's performance and post GDP growth of about five percent,"

the report stated.

The ADB measured the projected growth of East Asia, which it defines as the ten ASEAN

countries as well as China and South Korea. The predicted "modest" regional

dip, lowered from 6.1 percent to 5.6 percent, is largely due to external factors.

"On the external front, the tensions over Iraq have already led to rising economic

uncertainty, decreases in business and consumer confidence and higher oil prices,"

the report stated.

Kim Saysamalen, under-secretary of state at the Ministry of Planning, said despite

Cambodia's revised growth figure, the government would still be able to meet its

poverty reduction goal. It aims to cut the percentage of people living under the

poverty line of 50 cents a day, from 36 percent to 31 percent by 2005.

"Normally we plan 6-7 percent growth a year, but if this year has gone down

to five, next year may need to go up to 7 percent in order to compensate and achieve

poverty reduction," he said.

Of the country's neighbors, Laos and Vietnam, are predicted to see growth of 5.8

percent and 6.7 percent respectively. Thailand's rate is set to drop from 4.9 percent

to 4.1 percent.

Cambodia's GDP was worth around $3.2 billion in 2001.

MOST VIEWED

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Siem Reap’s Angkor Botanical Garden opens

    The Angkor Botanical Garden was officially opened on May 19 with free entry for both local and international visitors for the first six weeks. The garden was established on a nearly 15ha plot of land in Siem Reap. “After the first six weeks, Angkor Botanical Garden

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub

  • Hun Sen: Don’t react to hostility

    Prime Minister Hun Sen urged tolerance and thanked members of the Cambodian diaspora for not reacting to the hostility on display towards him by others while he was in the US to attend the May 12-13 ASEAN-US Special Summit in Washington, DC. In an audio