DPA
Phnom Penh - The Asian Development Bank has revised downward its prediction for Cambodia's gross domestic product this year, saying it now expects the kingdom's economy to shrink 1.5 per cent.
It had previously forecast modest growth for 2009.
In its update released Tuesday, the bank blamed worse-than-expected garment export figures, less construction activity and fewer tourism arrivals. Along with agriculture, these sectors make up the four pillars of Cambodia's economy.
However, the bank said it expected matters would improve next year, albeit at a much lower rate than the double-digit annual growth the country has enjoyed for much of this decade.
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