Apr 20, 2010
Phnom Penh - The Asian Development Bank on Tuesday predicted Cambodia's economy would return to growth this year, following an estimated 2-per-cent contraction in 2009 due to the global economic crisis.
The ADB forecast economic growth of 4.5 per cent this year and 6 per cent in 2011. The economy grew by an annual average of 9.1 per cent from 1998 to 2008.
ADB country economist Eric Sidgwick noted signs of recovery in the first quarter of 2010, with indications of growth returning to the three key economic pillars that were hit: garment manufacturing, construction and tourism.
But he said Cambodia must broaden its economic base and add value in all four key sectors including agriculture, which alone accounts for about one-third of gross domestic product.
He said tourism provided an example of a key industry needing to diversify.
'If you look at the rates of growth of tourist arrivals over the last several years, that rate of growth has been gradually declining - growth is still positive, but [the rate of growth] is declining,' Sidgwick said.
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