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IMF forecasts Cambodia's GDP growth at 6.7 pct this year

English.news.cn   2013-04-17 13:31:28            

PHNOM PENH, April 17 (Xinhua) -- Cambodia's economy is projected to grow by 6.7 percent in 2013 and further rise to 7.2 percent in 2014, according to the International Monetary Fund (IMF) 's report released late Tuesday.

The country's economy is mainly supported by garment industry, tourism, agriculture, real estate and construction.

"The garment and textile sector continues to dominate the economy -- accounting for three-quarters of total exports of goods-- followed by tourism and agricultural products," the IMF said in its April 2013 World Economic Outlook.

The report recommended that sustaining strong growth in Cambodia will require further economic diversification and strengthened macroeconomic policies.

It added that removing infrastructure bottlenecks and improving the business climate will remain critical for attracting private investment and for further diversification.

In the report, the IMF predicted that Cambodia's inflation will be at 4.6 percent in 2013 and 4 percent in 2014.

The IMF's growth forecast for Cambodia is lower than the prediction by the Asian Development Bank. Last week, ADB said Cambodia's economic growth is projected at 7.2 percent this year, picking up to 7.5 percent next year as recovery in Europe and the United States takes hold.

It said industry sector is expected to expand by 10.5 percent in 2013, while the service sector is expected to grow by about 7 percent, with strong growth in tourism and real estate activity.

Agriculture is likely to grow by 4 percent, assuming favorable weather.

The government of Cambodia predicted that the country's economic growth is expected at 7 percent this year, Hang Chuon Naron, Secretary of State of the Ministry of Economy and Finance, said last week.

He said the nation will get out of the classification of a low- income to a lower-middle-income country at the end of this year.

Lower-middle-income countries are those with GDP per capita between 1,006 U.S. dollars and 3,975 U.S. dollars, as defined by the World Bank.

Last year, the country's GDP growth was recorded at 7.3 percent and GDP per capita was nearly 1,000 U.S. dollars, he said, forecasting that GDP per capita will increase to 1,080 U.S. dollars this year.

Editor: Zhu Ningzhu
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