Cambodia and ADB
In the Spotlight
ADB has helped turn former war-torn Greater Mekong Subregion countries of Cambodia, Lao PDR, and Viet Nam into a booming tourist destination.
Government ministers and senior officials attending the Greater Mekong Subregion (GMS) Seventh Economic Corridors Forum agreed on measures to promote the development of economic corridors, facilitate cross-border transport and trade, and enhance cooperation and private sector participation.
Cambodia’s economy will continue to expand in 2015 and 2016 due to stronger performance by trade partners—the United States, and Thailand, and to a lesser extent, the European Union—easing domestic political and labor tensions and lower fuel costs, says a new ADB report.
President Takehiko Nakao met with Cambodia’s Prime Minister Hun Sen in Phnom Penh to discuss the government’s development strategy.
Cambodia needs to broaden its economic base to support strong, inclusive growth and to put the country in a good position to take advantage of the upcoming ASEAN Economic Community, says a new report, Cambodia: Diversifying Beyond Garments and Tourism.
Cambodia has moved closer to lower middle-income status via resounding economic growth driven by solid performances in garment manufacture, tourism, paddy and milled rice, and construction. While this growth is expected to continue through 2015-2016, the economy remains vulnerable to exogenous shocks and natural disasters. The Cambodia Socio-Economic Survey indicated that poverty in Cambodia fell dramatically between 2007 and 2012, from about 50% to below 20%.
Under the country partnership strategy for 2014-2018, ADB will continue to support the government’s economic reform priorities and help promote inclusive growth.