Phnom Penh Wednesday, 06 April 2011
“We think that Cambodian recovery is firming up, but the country remains heavily dependent on a few sources of driver growth that includes the agri-sector, garment, tourism, construction and real estate.”
The Asian Development Bank said Wednesday Cambodia’s economic growth in coming years will reach up to 6.7 percent, driven by recovery in key sectors following the 2008 economic crisis.
Peter Brimble, a senior economist for the Bank, said growth in 2010 showed Cambodia on a strong footing. But he warned the country is now at a “crossroads,” with economic drivers showing a lot of potential.
“The pressure is now on to intensify efforts at meeting the longstanding challenges of accelerating economic diversification and improving the general investment climate,” Brimble said in a statement.
Poulang Doung, an economist for the Bank, said Wednesday that the country’s growth derived from recovery in clothing exports and tourism that had flagged in 2009, as well as growth in agriculture.
“We think that Cambodian recovery is firming up, but the country remains heavily dependent on a few sources of driver growth that includes the agri-sector, garment, tourism, construction and real estate,” he said.
Cambodia’s economy still relies on the US and EU markets, especially for its garment exports, he said.
Garment export to the US grew from about $1.9 billion in 2009 to $2.2 billion in 2010, according the US Department of Commerce.
Tourist arrivals, meanwhile, climbed from 2.2 million to 2.5 million during the same period, bringing in a total revenue of $1.8 billion in 2010, Poulang Doung said. The agricultural sector grew by about 4.2 percent in 2010, thanks in part to an increase in rice production.
The Bank estimated Cambodia’s gross domestic product would grow 6.5 percent in 2011 and 6.8 percent in 2012, up from a growth rate of 6.3 percent last year.
Chan Sophal, an economist and president of the Cambodia Economic Association, said he expected growth over the next two years to reach up to 8 percent, thanks to strong improvements in many sections of the economy.
The country cannot depend only on rice, garments, tourism, construction and real estate, he said, but must invest in the production of vegetables and fruit, cattle, pork, poultry, and the production of consumer goods, like sugar or furniture.
6 comments:
Cambodia economic growth is meaningless for ordinary Cambodians as they still live on very low income, take risk of rape and violent working oversea, face land grab, while a few thugs in government exploit their labor and rob collective national resources.
Shame on egoistic, corrupted officials like Hun Sen. Some day all of you thug will go to hell.
If you win go ahead and be a PM again, but do not fraud the election like you always did, Mr. Kwang Hun Sen. This is a response to your barking listened on world Radio.
Sorry for wrong subject. Also you are the only one who curse using profanity and you accuse others. you idiot.
The old Viet bitch (Monique)and old dandruff dog Sihaknouq returned to Cambodia and will be more money from dirt poor Cambodian to spend for useless people while the hungry Cambodian need those money for food and shelters.
khmersuffering from useless khmerking and queen
gov't should deepen investment what already established or bring it to the next level and continue to identify potential new industries and exploit on it. but else new? key areas are continue to be livestock cultivation, manufacturing, healthcare tourism, agriculture, technologies and outsourcing. gov't should subsidy or support these industries for the time being like giving preference loans. healthcare tourism is very enticing; just to consider how much cambodians spend on healthcare alone abroad and be able to divert that money at home alone needless to say how much we can earn from people abroad visiting our country??? all others are also critically important. free advice from me. the government should hire me or maybe some day. i would love to help bring cambodia to prosperity. but one requirement no corruption. when it is corrupted, anything we build on will collapse and goals will never achieved.
it is good for cambodia to look into diversifying our economy, really! that's a smart way. god bless cambodia.
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.
Post a Comment