ADB Launches a Report on Cambodia’s Growth Prospects AKP Phnom Penh, December 17, 2014 – The Asian Development Bank (ADB) launched here this morning a new report on Cambodia’s growth prospects “Cambodia: Diversifying Beyond Garments and Tourism,” according to an ADB’s press release. This report highlighted both need for economic diversification and industrial capacity upgrades, as well as further efforts to build on the country’s areas of strength in the garment industry, tourism and agriculture, it added. Mr. Cyn-Young Park, ADB Assistant Chief Economists, said growth has been strong and consistent for many years and now Cambodia needs to focus on producing more complex and higher-value goods and services which will allow it to capitalize on opportunities generated by the ASEAN Economic Community (AEC). “The priority should be on making further improvement in the business environment and investment in human capital and public services,” he added. According to the press release, the report identifies four keys constraints on the economy: weaknesses in worker skills and education; gaps in infrastructure, corruption and weak public sector management; and limited fiscal space which hampers state investments. A lack of diversity in both manufactured products and services leaves the economy vulnerable to volatility in global demand conditions. By Khan Sophirom
Posted on: Wed, 17 Dec 2014 08:13:16 +0000
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