Cambodia’s service sector encouraging, but reforms needed: ADB

12 November 2013
Global Times
Aid and development / Asian Development Bank (ADB) / Economic policy and administration / Economy and commerce / Industries / Multilateral development assistance / Tourism
ADB / Asian Development Bank (ADB) / Developing the Service Sector as an Engine of Growth for Asia

Cambodia is benefiting from a steadily growing service sector, but it needs to clear a number of obstacles to harness the sector’s potential, said a new Asian Development Bank (ADB) report released on Tuesday. The report, entitled Developing the Service Sector as an Engine of Growth for Asia, noted that the service sector is the key growth driver for low-income economies in Asia, including Cambodia. The tourism industry, a key component of the country’s service sector, has witnessed remarkable growth with tourism arrivals increasing by 19 percent to reach 2.1 million during the first six months of 2013. … nchored on the robust growth of tourism and other industries, the service sector as a whole is projected to expand by 7 percent in 2013 to help achieve GDP growth of 7.2 percent for the year. The report added that services accounted for only around 40 percent of the country’s gross domestic product (GDP), lagging behind other countries in the region with similar income levels. Nonetheless, the sector is anticipated to increasingly contribute to GDP growth. …

 Global Times News Staff
http://www.globaltimes.cn/content/824334.shtml#.UoLkAHCBlmM