Flooding could affect growth
When the extent of flood damage becomes clear, the Asian Development Bank may lower its economic growth forecast for Cambodia to reflect the severity of the aftermath, a senior official with agency’s local office said yesterday.
“It is possible that we will have to revise downward once we get more information,” ADB country director for Cambodia Eric Sidgwick said, cautioning that thought it was still too early to understand the scope of the problem, “we are closely monitoring this”.
On October 2, the ADB kept the rate steady at 7.2 per cent. It also said that in 2014, growth is expected to pick up to 7.5 per cent as recovery catches on in European and US markets. …
Sidgwick allayed concerns over long-lasting damage to the economic this years by comparing the situation to 2011, when flooding and resulting financial costs did not ultimately make a huge dent in growth. He pointed out that rebuilding process may have actually triggered a boost in infrastructure. …
Joe Freeman and Sen David, P.7
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