As COVID-19 pandemic has been spreading over the world, the ASEAN+3 Macroeconomic Research Office (AMRO) has negatively lowered Cambodia’s economic growth.
This challenging situation is highlighted in the August Update of the ASEAN+3 Regional Economic Outlook 2020 released today by AMRO at a virtual media briefing today.
According to the news released from Singapore, Cambodia’s economic growth this year has been forecasted to drop from previous prediction (April) of 2.7 percent this year, and 6.8 percent next year to -1.8 percent this year and 6.5 next year.
In ASEAN only Brunei, Laos, Myanmar, and Vietnam can maintain the growth positively.
Laos can maintain its economic growth at 0.5 percent, Myanmar at 1.1 percent, Brunei at 1.6 percent, and Vietnam at 3.1 percent.
Indonesia’s economic growth will be at -0.8 percent, Cambodia -1.8 percent, Malaysia -3.2 percent, Singapore -6 percent, the Philippines -6.6 percent and Thailand -7.8 percent.
For next year, AMRO forecast more positively – the economic growth of Brunei will be at 3.1 percent, Thailand and Laos 4.6 percent, Indonesia 5.2 percent, Malaysia 5.7 percent, Myanmar 6.2 percent, Cambodia and the Philippines 6.5 percent, while Singapore and Vietnam at 7 percent.
The COVID-19 pandemic continues to cast a long, dark—and uncertain—shadow over the outlook for growth, having wreaked havoc on the global economy since February 2020.
ASEAN+3 governments have taken unprecedented measures to contain the transmission of the virus and keep their economies afloat.
Source: Agency Kampuchea Press