As ADB Revises Growth Estimates, Concerns Remain Over Garment and Construction Sectors

The Asian Development Bank said the slowdown in the garment and construction sectors continued to pose a risk to the economy, estimating a four percent contraction in its latest Cambodia update.

In September, the ADB had revised its April estimate of a 5.5 percent contraction in the economy, severely hit by the COVID-19 pandemic, to a slightly better four percent contraction. On Wednesday, the ADB released a statement stating that while bicycle and electronics production remained buoyant, the critical garment and construction sectors were a cause for concern.

Another risk, the development bank said, would be from a poor wet season harvest, owing to low rainfall in June and July, and the likelihood of subdued consumer demand.

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