PHNOM PENH, Apr. 6, 2011 (Xinhua) -- Cambodia's gross domestic product (GDP) is set to increase by 6.5 percent this year, up 0.2 percentage points from last year, thanks to agriculture, tourism and garment industries, said the Asian Development Bank's Outlook 2011 released on Wednesday.
The forecast is the same as the prediction by the World Bank and similar to the forecast of the government of Cambodia at between 6-7 percent this year.
"Agriculture is estimated to expand 4.3 percent this year, thanks to continuing investment in irrigation and broader access to fertilizers and high-yield seeds," said the report, "Growth in industry is projected at around 10.8 percent based on positive indications for future garment orders from the United States and Europe."
It forecast the growth of services at around 5 percent and higher tourism receipts will contribute to a surplus in services trade.
"The continued recovery of exports and tourism in 2011 is expected to help Cambodia sustain its return to a long-term growth path of 6-7 percent," said ADB senior country economist Peter Brimble at the launch of the report.
The bank forecast the inflation rate as 5.5 percent this year, up from 4 percent last year, due to external events such as unexpected global economic weakness or higher-than-assumed oil prices.
The report also warned that the lack of progress on fiscal consolidation, combined with low tax revenue and the absence of government debt securities, may eventually lead to problems in funding the fiscal deficit.
"This will require continued prudent handling of monetary policies and government expenditures, combined with intensified efforts to build capital markets and to broaden the tax base and increase the low levels of revenue collection," said Brimble.
Meanwhile, Brimble said that to date, Cambodia has the external debt of estimated 3.5 billion U.S. dollars. In 2010, China is the largest lender to Cambodia, accounting for 58 percent of the total loans Cambodia received.
The bank also forecast that the country's gross international reserves are projected to grow to 2.84 billion U.S. dollars this year.
Moreover, it stresses the potential benefits of enhanced connectivity with regional neighbors Thailand, Laos and Vietnam, and emphasizes the need to improve the competitiveness of the garment, agriculture, and tourism sectors by reducing the high cost of transport, energy and related infrastructure, raising the quality of existing products and services, and developing skills to add value to products.
1 comment:
Hun Sen just enjoy taking and keeping money he took and has been bribed from foreign investors, Vietnam Communist Hanoi's investment, Cambodia's natural resources Cambodia, and CPP members's fraudulence, etc. He is supposed to serve people when he wanted to be a PM of Cambodia. However Hun Sen is very selfish, full of himself, keeping stolen and dirty money for himself and his family members, serving nothing for his Country and people of Cambodia. What a crook.
He was illegally installed as a Prime Minister by Communist Vietnam Hanoi in 1985 after former PM Pen Sovan was ousted.
What is the world Hun Sen has been doing in Cambodia without transparency?
Hun Sen has been misled by Communist Vietnam Hanoi leader and Vietnamese/CPP members in Phnom Penh. Then, the people and country of Cambodia have been misled by Hun Sen for more than 30 years.
So, under the stinky leadership of Hun Sen, in the 21st century or in the modern day, Cambodia still does NOT have the following under Hun Sen's 30-years leadership and operation (controlled by his Vietnam Hanoi and CPP members):
1. modern and high-tech hospitals,
2. modern medical schools,
3. modern roads and railroads/trains
4. modern bridges,
5. big modern airports,
6. big modern seaports,
7. modern public health centers for poor people,
8. modern public transportation,
9. modern emergency ambulances,
10. modern police cars and equipments,
11. free enterprise,
12. freedom for every Cambodian citizen to express and bring the ideas and suggestions to rebuild Cambodia,
13. fitness centers,
14. modern police equipments and uniforms
15. more and so on...
Again, Hun Sen still dose not see how ugly is it under his leadership and operation are controlled by his Communist Vietnam Hanoi and Vietnamese/CPP members.
Cambodia is very rich with natural resources, rich cultures, and so on. The Cambodia have everything and why are Cambodian people still poor today and lack of food and lack of full access to health care and educations?
Cambodian has been under those Communist leaders coming from Vietnam since 1979 and there is nothing really developed in the modern day. It is very disappointing to Cambodian people. It is time for Cambodia to clean up those messes under Hun Sen, Vietnamese CPP members or leader in Phnom Penh and the control of Communist Vietnam Hanoi leaders.
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