PHNOM PENH — The Asian Development Bank (ADB) on Wednesday lowered Cambodia’s economic growth forecast to 1.9 percent in 2021, down from its April projection of 4 percent, due to the prolonged COVID-19 pandemic.
But the growth is expected to rebound to 5.5 percent in 2022, said an ADB new update. (Cambodia-Economic Outlook-ADB)
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HARARE — Zimbabwe is pinning its hope on a comprehensive vaccination program to sustain economic recovery, as tourism and education sectors remain the most battered by the COVID-19 pandemic, the country’s Finance Minister Mthuli Ncube said Wednesday.
“Our medium to long-term economic strategy is the vaccination program,” Ncube said during an international business conference at the annual Zimbabwe International Trade Fair being held in the Zimbabwean city of Bulawayo. (Zimbabwe-Economic Recovery-Vaccines)
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WASHINGTON — The U.S. Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero, while signaling that the central bank may begin tapering asset purchases soon despite the Delta variant increasing economic uncertainty.
The Fed has pledged to continue its asset purchase program at least at the current pace of 120 billion U.S. dollars per month until “substantial further progress” has been made on employment and inflation since last December. (U.S.-Fed)
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JAKARTA — The Asian Development Bank (ADB) has adjusted its forecast of Indonesia’s 2021 economic growth to 3.5 percent year-on-year from the previous 4.5 percent in early April.
“The economic recovery will continue although at a more moderate speed,” ADB’s Senior Country Economist Henry Ma said during the Asian Development Outlook 2021 event in Jakarta on Wednesday. (Indonesia-Economic Growth Outlook)
