While the economy growth in Cambodia is short of stunning, questions remain as to why poverty still plagues this beggar nation? Somewhere, somehow, someone must have missed something while doing the arithmetic. (Photo AFP)Thursday May 11, 2006
PHNOM PENH (AFP) - Cambodia's economy in 2005 grew twice as quickly as in the previous year on the back of booming tourism and strong garment exports, the International Monetary Fund said.
The IMF projected the kingdom's gross domestic product (GDP) grew by 13 percent, against 6.0 percent in 2004, saying Cambodia was one of the fastest growing economies in the region.
"Cambodia's economy did very well last year, an excellent result," Jeremy Carter, the IMF's Asia Pacific Department, said at a news conference.
Cambodia's garment output jumped over 12 percent thanks to US and European restrictions on Chinese garment imports, Carter said, adding the kingdom's robust tourism and strong construction business also helped the economy.
Cambodia is struggling to recover from three decades of civil war that ended in 1998 and tourism is one of the impoverished country's few viable money-spinners. The famed Angkor temple complex in northwest Cambodia remains its biggest draw.
In 2005, tourist arrivals in Cambodia surged 35 percent to 1.4 million, mostly from Asia. The government has been trying to persuade holidaymakers to stay longer and see sights other than the World Heritage-listed Angkor temples.
Meanwhile, Carter, who met Prime Minister Hun Sen on Tuesday, said the government should improve governance to lure more foreign investors.
"We do believe that improving governance is critical if you want to attract foreign investment," he said, adding Cambodia also needs to increase tax revenue.
"Attempts to improve governance do include dealing with corruption and we support the passage of an appropriate anti-corruption law and its smooth implementation," he said.
Carter said the IMF expected Cambodia's economy to grow by around five percent in 2006, due to high oil prices, a slowdown in tourism, and fierce competition from China in the garment industry.
The IMF projected the kingdom's gross domestic product (GDP) grew by 13 percent, against 6.0 percent in 2004, saying Cambodia was one of the fastest growing economies in the region.
"Cambodia's economy did very well last year, an excellent result," Jeremy Carter, the IMF's Asia Pacific Department, said at a news conference.
Cambodia's garment output jumped over 12 percent thanks to US and European restrictions on Chinese garment imports, Carter said, adding the kingdom's robust tourism and strong construction business also helped the economy.
Cambodia is struggling to recover from three decades of civil war that ended in 1998 and tourism is one of the impoverished country's few viable money-spinners. The famed Angkor temple complex in northwest Cambodia remains its biggest draw.
In 2005, tourist arrivals in Cambodia surged 35 percent to 1.4 million, mostly from Asia. The government has been trying to persuade holidaymakers to stay longer and see sights other than the World Heritage-listed Angkor temples.
Meanwhile, Carter, who met Prime Minister Hun Sen on Tuesday, said the government should improve governance to lure more foreign investors.
"We do believe that improving governance is critical if you want to attract foreign investment," he said, adding Cambodia also needs to increase tax revenue.
"Attempts to improve governance do include dealing with corruption and we support the passage of an appropriate anti-corruption law and its smooth implementation," he said.
Carter said the IMF expected Cambodia's economy to grow by around five percent in 2006, due to high oil prices, a slowdown in tourism, and fierce competition from China in the garment industry.
3 comments:
Do you know who own those factories and Ang Kor Watt now a day?
SOKIMEX!!! the 13% go streight to Viet Name. Or may be some to Hunsen Clan .
Man, if you pretend to know...give a correct answer!!! Do your homework before you spell out!!!
By looking at the photo picture of a very old woman with Angkor Wat in the background almost bring me to tear. This very old woman says it all about how backward and destitute of Cambodian people at the present time in Cambodia. I felt so pity for her.
Cambodian people is a dying race!
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