PHNOM PENH — Cambodia's economy is expected to remain strong through 2016, though it is likely to grow at a slightly slower pace than forecast earlier this year, the Asian Development Bank said Tuesday.
In an update to its annual economic publication, Asian Development Outlook 2015, the ADB said that Cambodia's economy is expected to grow 7.0% in 2015 and 7.2% in 2016.
The forecast is slightly revised downward from its March report, in which it projected growth of 7.3% in 2015 and 7.5% in 2016.
The moderation reflects softer growth prospects for developing Asia and a slow recovery in the major industrial economies.
"The expansion of garment manufacturing, construction and services -- in particular tourism, finance and real estate services -- continues to propel growth," said ADB Senior Country Economist Jan Hansen.