Cambodia’s total industrial output is estimated to rise by 5.1% in 2020 if garment and footwear exports continue to recover, new figures from the Asian Development Bank suggest, as it revises its economic projection for the southeast Asian country.
In an update to its 2020 outlook, the Asian Development Bank (ADB) forecasts a 4.0% contraction for Cambodia’s gross domestic product in 2020, compared to its June forecast of a 5.5% contraction.
It noted that while a sharp drop in orders from Europe and North America led to shutdowns in one-third of Cambodia’s garment, footwear, and travel goods factories during the first half of 2020, increased production of bicycles and electronics pushed up Cambodia’s non-garment manufacturing exports by 30.3% year-on-year in the first half.
