Fri, Sep 10, 2010
AsiaOne
PHNOM PENH - Cambodia's economy may grow 4.5-5.0 percent this year after contracting 2 percent in 2009 due to the global economic crisis, the International Monetary Fund said on Friday.
"Garment exports and tourist arrivals, notably by air, are bouncing back, both growing 10 to 20 percent year-on-year in the second quarter of 2010," the IMF said in a statement.
"Construction activity, however, appears to remain sluggish with growth of most related imports still negative, while a late start of the rainy season may dent agricultural output growth," it added.
Cambodian Prime Minister Hun Sen has said the economy would grow around 5 percent this year and that resilient agricultural output had helped the country avoid recession in 2009.
The Finance Ministry estimated GDP grew 0.1 percent last year, although the World Bank said it shrank 2 percent because of poor garment exports, lower tourism receipts and weak foreign direct investment.
The IMF said the outlook for this year was clouded by the fragility of the global recovery, with Cambodia's narrow export base heavily reliant on demand from the United States and Europe for garments.
"Global economic rebalancing and greater reliance in Asia on domestic sources of growth offer significant opportunities that Cambodia should seize," the IMF said.
It said it was looking forward to the implementation of a recently passed anti-corruption law, which could help reduce the cost of doing business and improve Cambodia's competitiveness.
"Garment exports and tourist arrivals, notably by air, are bouncing back, both growing 10 to 20 percent year-on-year in the second quarter of 2010," the IMF said in a statement.
"Construction activity, however, appears to remain sluggish with growth of most related imports still negative, while a late start of the rainy season may dent agricultural output growth," it added.
Cambodian Prime Minister Hun Sen has said the economy would grow around 5 percent this year and that resilient agricultural output had helped the country avoid recession in 2009.
The Finance Ministry estimated GDP grew 0.1 percent last year, although the World Bank said it shrank 2 percent because of poor garment exports, lower tourism receipts and weak foreign direct investment.
The IMF said the outlook for this year was clouded by the fragility of the global recovery, with Cambodia's narrow export base heavily reliant on demand from the United States and Europe for garments.
"Global economic rebalancing and greater reliance in Asia on domestic sources of growth offer significant opportunities that Cambodia should seize," the IMF said.
It said it was looking forward to the implementation of a recently passed anti-corruption law, which could help reduce the cost of doing business and improve Cambodia's competitiveness.
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