PHNOM PENH, Feb 28 (Reuters) - Cambodia's economy is expected to expand by 7.3 percent this year, a slower rate than in 2007 due to the pressure of high world oil prices, Prime Minister Hun Sen said on Thursday.
However, a blossoming private sector, overseas aid, sustained foreign investment and continued political stability should ensure healthy growth in the key garment, tourism, construction and agriculture sectors, he said.
"Cambodia needs to sustain this growth to catch up with and keep pace with neighbouring countries," Hun Sen said at a economic conference for international investors.
Cambodia's economy struggled during the 1990s to shake off the legacy of decades of civil war and upheaval, including the atrocities of the Khmer Rouge "Killing Fields".
However, it has taken off in the last few years, and expanded at an estimated 9.6 percent last year, making it one of the fastest-growing economies in the world.
Its gross domestic product is $8.4 billion, giving a per- capita annual income of more than $500.
The garment sector, valued at $3.8 billion last year, represents the lion's share of exports, a government report showed.
The Southeast Asian nation also received 1.7 million tourists last year and expects a 25 percent increase in 2008.
The report said reserves had increased by $600 million last year to $1.7 billion, but said the country ran a trade deficit of $1.5 billion, mainly due to the increase in value of petroleum imports.
However, a blossoming private sector, overseas aid, sustained foreign investment and continued political stability should ensure healthy growth in the key garment, tourism, construction and agriculture sectors, he said.
"Cambodia needs to sustain this growth to catch up with and keep pace with neighbouring countries," Hun Sen said at a economic conference for international investors.
Cambodia's economy struggled during the 1990s to shake off the legacy of decades of civil war and upheaval, including the atrocities of the Khmer Rouge "Killing Fields".
However, it has taken off in the last few years, and expanded at an estimated 9.6 percent last year, making it one of the fastest-growing economies in the world.
Its gross domestic product is $8.4 billion, giving a per- capita annual income of more than $500.
The garment sector, valued at $3.8 billion last year, represents the lion's share of exports, a government report showed.
The Southeast Asian nation also received 1.7 million tourists last year and expects a 25 percent increase in 2008.
The report said reserves had increased by $600 million last year to $1.7 billion, but said the country ran a trade deficit of $1.5 billion, mainly due to the increase in value of petroleum imports.
3 comments:
My beloved friend!
Ya did not mention about how billions dollar's debth for the next genernations of Khmer children must be had to pay, after Samdech Dey DekCho Hun Sen's regime over?
to 8:48 PM
Debts are inevitable curse for developing countries in the world not just in Cambodia.
At least the debts now are being used toward the reconstruction of Cambodia [always room for improvement if pace is slow but better than nothing happened at all] not unjustified debts [+300 million dollars in principle plus interest which used toward the civil war] during the Lon Nol in which the USA is demanding to start paying now
Yeah, but we should try to settle the 300M dept. I am sure the US will settle for half (150M) instead of take the case to court.
But we'll have to explain to the public after that we did not created the dept that destroyed Cambodia. It was created by the Khmer Republic Et Al that included SRP and maybe HRP.
Post a Comment