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

  • PM imposes nationwide Covid restrictions, curfew over Delta scare

    Prime Minister Hun Sen late on July 28 instructed the municipal and provincial authorities nationwide to strictly enforce Covid-19 measures including curfew for two weeks from July 29 midnight through August 12 to stem the new coronavirus Delta variant. The instruction came shortly after he issued a directive

  • Two luxury hotels latest quarantine options for inbound travellers

    The Inter-Ministerial Committee to Combat Covid-19 has designated two luxury hotels as alternative quarantine options for travellers who wish to enter Cambodia through Phnom Penh International Airport – Sokha Phnom Penh Hotel & Residence and the Courtyard by Marriott Phnom Penh. In a notice detailing guidelines issued

  • Provinces on Thai borders put in lockdown amid Delta fears

    The government has decided to place several border provinces in lockdown for two weeks in a bid to prevent the new coronavirus Delta variant spreading further into community. According a directive signed by Prime Minister Hun Sen late on July 28, the provinces include Koh Kong,

  • Visa A holders get to quarantine at Himawari Hotel

    The Ministry of Health has permitted foreign diplomats, UN and International NGO officials to undergo quarantine at Himawari Hotel in the capital in case they do not have a separate place suitable for this purpose, but the government would not be responsible for the expenses.

  • Jabs for kids bring hope for school reopenings

    Cambodia is tentatively planning to reopen schools – at least at the secondary level – when the vaccination of children aged 12-17 is completed, even though daily transmissions and deaths in other age groups remain high. Schools across the country have been suspended since March 20, one month

  • China denies Mekong hacking

    As the US and its allies joined hands last week to expose what they allege to be China’s Ministry of State Security’s malicious cyber activities around the world, the attention also turned to Cambodia with the US Department of Justice claiming that four