ADB Forecasts 4 Percent Contraction Despite Rise in Electronics Exports

The Asian Development Bank on Tuesday revised Cambodia’s expected economic contraction this year from 5.5 percent to 4 percent, noting growth in non-garment exports thanks in part to demand for work-from-home electronics.

In its Asian Development Outlook 2020 Update, the bank said Cambodia’s tourism and garment export industries had been hit hard by the Covid-19 pandemic, causing a sharp drop in orders from Europe and North America and a “collapse in international tourism.”

Some 3,000 service sector businesses had closed down by June, and 45,000 workers in the industry were laid off, it said, also noting a slowdown in construction.

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