IMF: Cambodia’s 2013 GDP growth at 6.7 pct.
Cambodia’s economy is projected to grow by 6.7 percent in 2013 and further rise to 7.2 percent in 2014, according to the International Monetary Fund (IMF).
The country’s economy is mainly supported by garment industry, tourism, agriculture, real estate and construction.
“The garment and textile sector continues to dominate the economy – accounting for three-quarters of total exports of goods – followed by tourism and agricultural products,”
The report recommended that sustaining strong growth in Cambodia will need further economic diversification and strengthened macroeconomic policies.
It added that removing infrastructure bottlenecks and improving the business climate will remain critical for attracting private investment and for further diversification.
In the report, the IMF predicted that Cambodia’s inflation will be at 4.6 percent in 2013 and 4 percent in 2014.
The IMF’s growth forecast for Cambodia is lower than the prediction by the Asian Development Bank. Last week, ADB said Cambodia’s economic growth is projected at 7.2 percent this year, picking up to 7.5 percent next year as recovery in Europe and the United States takes hold.
It said industry sector will expand by 10.5 percent in 2013, while the service sector will to grow by about 7 percent, with strong growth in tourism and real estate activity.
Agriculture is likely to grow by 4 percent, assuming favorable weather.
The government of Cambodia predicted that the country’s economic growth will be 7 percent this year, Hang Chuon Naron, Secretary of State of the Ministry of Economy and Finance, said last week.
He said the nation will get out of the classification of a low- income to a lower-middle-income country at the end of this year.
Last year, the country’s GDP growth was recorded at 7.3 percent and GDP per capita was nearly 1,000 U.S. dollars, he said, forecasting that GDP per capita will increase to 1,080 U.S. dollars this year.
- Cambodia – Economic Growth 7 % in 2013? (alfredmeier.me)
- Cambodia’s economy to grow by 7 pct in 2013: finance minister (clmvcapital.wordpress.com)
- IMF trims global growth forecast, sees bumpy recovery (bangordailynews.com)