Cambodia's economy to slow down in 2005

November 2004
Indian Textile Journal;Nov2004, Vol. 115 Issue 2, p266
This article reports on the expected economic slowdown in Cambodia by 2005. This is due to losses in the garment sector, although gains in tourism may help offset the downward direction. The country's economic growth is expected to decline to 2.4 percent in 2005 from a projected 4.3 percent in 2004. The predicted slowdown is based upon the idea that Cambodia's garments exports will be severely affected by the removal of their preferential quotas to the U.S. The World Bank projects that unemployment will increase to 15 percent in 2005, up from 13 percent in 2004, and that the percentage of Cambodians living on a U.S.$41 or less a day will remain at about 42 percent in 2005. Garment exports, which make up 76 percent of Cambodia's exports, were projected to decline to 12 percent by 2005. Cambodia and other least-developed countries were looking to gain tariff-free access to U.S. markets--which could help soften the impact. The Cambodia Daily reported recently that two factories employing about 9,800 workers had suspended operations in the last two weeks. The industry has limited production capacity and is less productive than China. The International Monetary Fund made a more dire prediction in August 2004, saying growth would decline to 1.9 percent in 2005, chiefly due to a slowdown in the garment sector, which it said lacks competitiveness.


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