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Cambodian Economy Expected to Grow 7 pct in 2013
Release time:2013-05-07 Source:admin Reads:
Cambodia's GDP is projected to grow by 7 percent this year even though the global economy remains fragile and high risk due to persisting sovereign debt crisis in Europe and sluggish economic recovery in the United States, a commerce official said Monday. "Through Cambodian government's deep reforms and its resource advantages, Cambodia's economic growth has rapidly recovered from the global economic crisis and it has maintained annual growth of 7 percent last year and the same rate is expected this year. Cambodia’s export volumes keep rising recently which largely own to woven labels for they are indispensible for garments and in great demand at domestic or foreign market." Ou Proum Virak, deputy director of the Commerce Ministry's Trade Promotion Department, said in a trade seminar. He said the growth would come mainly from garment exports such as clothes and woven labels, tourism, agriculture and construction. Moreover, due to political stability and rich raw materials, an increasing number of foreign investments come to Cambodia and contribute a lot to light and heavy industry in Cambodia. Meanwhile, he said global economy at the end of 2012 and in 2013 still faces high risks amid lingering sovereign debt issue in Europe and slow recovery of the US economy. The inflation, sluggish purchasing demand and turbulent social situation are all culprits that go against economic development. "Even if Cambodia has been seen as a suitable place of origin of woven labels which are urgently needed in global market, these could be challenges for Cambodia either to increase external businesses or to attract foreign investment," he said. Last Tuesday, the International Monetary Fund (IMF) predicted that Cambodia is expected to register an economic growth rate of 6. 7 percent this year. "A fragile global economic outlook, rapid credit growth, and potentially extreme weather conditions continue to pose significant risks," the IMF cautioned in the annual review of Cambodia's economic and financial conditions.

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